Sample records for currency occ conducted

textabstractCommunity currency schemes were first introduced in Korea in 1998. Since then, there have been many efforts to use them but no report or academic research on the topic in Korea. Thus, we conducted a field investigation to identify the scope of community currency schemes in Korea and as o

Laboratory research indicates that wax is amenable to removal by froth flotation provided it is free or detached from the fiber. The only effective means, at this time, of maximizing detachment of wax is through the use of low consistency pulping at temperatures above the melting point of wax. Wax removal from WCC through washing, flotation, or a combination of both was approximately 90% in these laboratory studies, indicating that not all of the wax is detached from fibers. These results were summarized in Annual Report 1, December 1, 1997 to November 30, 1998. Pilot trials were conducted in which the authors simulated a conventional OCC repulping process with and without flotation. Additional aggressive washing and water clarification were also examined during the study. The inclusion of flotation in the OCC stock preparation system significantly improved the removal of wax spots and extractable material from the furnish. Based on this study, the authors predict that a compact flotation system with 2 lb surfactant/ton of fiber would improve the OCC pulp quality with regard to wax spots by 60% and would not negatively affect strength properties. Flotation losses would be in the 2-5% range. Two mill trials were conducted during the last quarter of the project. One trial was carried out at Green Bay Packaging, Green Bay, WI, and a second trial was conducted at Menasha Corporation, Otsego, MI. A 250-liter Voith Sulzer Ecocell was used to evaluate the removal of wax and stickies from the OCC processing systems at these two mills. The inclusion of flotation in the OCC stock preparation system significantly improved the removal of wax spots from the furnish. The data indicate that flotation was more effective in removing wax and stickies than reverse cleaners. The mill trials have demonstrated that flotation can be substituted for or replace existing reverse cleaning systems and, in some cases, can replace dispersion systems. In this manner, the use of flotation can

文章在分析中国和东盟各国汇率对货币错配传导特征、差异性和金融危机与货币错配风险的关联性的基础上，通过构建动态面板模型和面板VAR模型，对传导的边际效应、敏感程度的异质性作了深入分析，考察了货币错配对汇率和外币负债冲击的响应程度，并提出了我国汇率机制选择的建议。研究表明：大规模外币负债、外汇储备不足和本币汇率的大幅贬值触发了债务型货币错配风险；货币错配对汇率变动的敏感性的强弱和波动幅度取决于汇率制度的改革和国家的经济发展水平；货币错配受汇率冲击响应的方向和持续的时间与该国汇率是否稳定和激烈波动密切相关；扩张性的外币负债对货币错配积累起到加重的作用，外币负债对货币错配的影响和解释能力持续时间较长。%Based on the analysis of the characteristics and heterogeneity of the conduction on the exchange rate to currency mismatch in China and ASEAN countries and the relevance between financial crisis and the currency mismatch risk, the article analyzes the marginal effects of conduction and the heterogeneity of sensitive degree through building a dynamic panel model and the panel VAR model, and reviews the response degree of impact from currency mismatch to ex- change rates and foreign currency liabilities, and finally puts forward the propos- al of Chinas exchange rate mechanism options. Research shows that： large-scale foreign currency debt, the shortage of foreign exchange reserves and the sharp de- preciation of local currency exchange rate trigger the risk of debt type currency mismatch; the sensitivity and fluctuated range of the conduction from currency mismatch to the exchange rate change depend on the reform of exchange rate system and development of national economy level; the direction and duration of impact on currency mismatch from the exchange rate is closely related to the

By analyzing the foreign exchange market data of various currencies, we derive a hierarchical taxonomy of currencies constructing minimal-spanning trees. Clustered structure of the currencies and the key currency in each cluster are found. The clusters match nicely with the geographical regions of corresponding countries in the world such as Asia or East Europe, the key currencies are generally given by major economic countries as expected.

By analyzing the foreign exchange market data of various currencies, we derive a hierarchical taxonomy of currencies constructing minimal-spanning trees. Clustered structure of the currencies and the key currency in each cluster are found. The clusters match nicely with the geographical regions of corresponding countries in the world such as Asia or East Europe, the key currencies are generally given by major economic countries as expected.

A method is disclosed of detecting counterfeit currency by contacting the currency to be tested with near infrared beams in the spectrum below 1,250 nanometers, measuring reflectance of the near infrared beams and comparing the reflectance values with those from genuine currency. 18 figs.

Full Text Available Exchange rate fluctuations of a currency generate currency risk to the extent that it isused to make international transactions. These operationsare subject to currency risk, as exchange rates change frequently from one period to another, and on the other hand, speculation in the foreign exchange market affect the exchange rate through interventions they perform. This paper explores a topic of great interest, especially as exchange rate fluctuations and the uncertainty regarding the future of a currency relative to major currencies is a big problem for most economic actors. Regardless of whether they are importers or exporters or have significant debt currency depreciation or appreciation causes significant losses. Proper management and active currency risk is a way to reduce the damage caused by exchange rate fluctuations.

Full Text Available The concept related to currency stability includes internal currency stability as intern price stability, the money demand and supply stability and the stability of the interest rate. Also it includes external currency stability through exchange rate mechanism. The equilibrium of national economy is determined by the evolution of inflation and by the evolution of nominal exchange rate mechanism as an expression of external stability.

The European Central Bank defines virtual currencies as ”unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.” (European Central Bank, 2012, p. 5) The interest in virtual currencies has increased immensely over the last few years as they become increasingly prevalent in our society across many different industries. Up until now, the field of virtual currencies has been mainly uncharted ...

The Information Age has created a new concept of money – virtual currencies existing solely in the cyberspace in the form of intangible computer code. The most prominent virtual currency scheme, Bitcoin, grabbed the public attention as its value skyrocketed at the beginning of 2012. Whereas Bitcoin has many proper ties that could make it an ideal currency for mainstream consumers and merchants, its main drawback is lack of clarity regarding its legal status and tax treatment. The European Cen...

AbstractThe European Central Bank defines virtual currencies as ”unregulated, digital money, which is issued and usuallycontrolled by its developers, and used and accepted among the members of a specific virtual community.”(European Central Bank, 2012, p. 5) The interest in virtual currencies has increased immensely over the last fewyears as they become increasingly prevalent in our society across many different industries. Up until now, the field ofvirtual currencies has been mainly uncharte...

@@ On the global economic recovery's already unpredictable road, the latest threat comes from the possibility of a currency war. Although worries about the war have recently been alleviated,as G20 financial officials vowed to "refrain from competitive devaluation of currencies" at their meeting in Gyeongju, South Korea, on October 21-23, more than just words and promises are necessary to avert a currency showdown.

The Information Age has created a new concept of money – virtual currencies existing solely in the cyberspace in the form of intangible computer code. The most prominent virtual currency scheme, Bitcoin, grabbed the public attention as its value skyrocketed at the beginning of 2012. Whereas Bitcoin

The Information Age has created a new concept of money – virtual currencies existing solely in the cyberspace in the form of intangible computer code. The most prominent virtual currency scheme, Bitcoin, grabbed the public attention as its value skyrocketed at the beginning of 2012. Whereas Bitcoin

Full Text Available We investigated whether the recent depreciations in the Turkish currency (Lira resulted in the currency substitution away from Lira by using quarterly data over the period from 1987:1 to 2000: 2 with M1 and M2 monetary aggregates and income, interest rate and exchange rate. Other than the variety of monetary aggregates, we tried different ways of including the interest rate into the models to ensure the robustness of our results. Our analysis shows that the currency substitution in fact happened with Lira.

This paper proposes a model for discrete-time hedging based on continuous-time movements in portfolio and foreign currency exchange rate returns. In particular, the vector of optimal currency exposures is shown to be given by the negative realized regression coefficients from a one......-period conditional expectation of the intra-period quadratic covariation matrix for portfolio and foreign exchange rate returns. These are labelled the realized currency betas. The model, hence, facilitates dynamic hedging strategies that depend exclusively on the dynamic evolution of the ex-post quadratic...

Many real-world networks have broad degree distributions. For some systems, this means that the functional significance of the vertices is also broadly distributed, in other cases the vertices are equally significant, but in different ways. One example of the latter case is metabolic networks, where the high-degree vertices — the currency metabolites — supply the molecular groups to the low-degree metabolites, and the latter are responsible for the higher-order biological function, of vital importance to the organism. In this paper, we propose a generalization of currency metabolites to currency vertices. We investigate the network structural characteristics of such systems, both in model networks and in some empirical systems. In addition to metabolic networks, we find that a network of music collaborations and a network of e-mail exchange could be described by a division of the vertices into currency vertices and others.

The purpose of this study is to examine the potential linkages among ASEAN-5 currencies, in particular the possibility of a Singapore dollar bloc during the pre- and post-crisis periods by using the Johansen multivariate cointegration test and the Granger causality test. Significant nonstationarity and the presence of unit roots were documented for each currency under both study periods. Using ASEAN-4 exchange rates against the Singapore dollar, the Johansen cointegration test showed that the...

Recent research suggests that adopting a common currency increases bilateral trade. In this paper, I explore experiences of currency union entry in the post-war period and find no effect on trade. Previous results derived from a large panel data set (covering more than 200 countries from 1948 through 1997) appear to depend crucially on the assumption of symmetry between currency union exits and entries: While countries leaving a currency union experience significant declines in trade, currenc...

In today's competitive global markets, most firms are vulnerable to increasing fluctuation in foreign exchange, which is leading them to make use of Currency Derivatives to hedge their risks. Among the several derivatives available, Currency Options are the second most popular instrument used to hedge currency risk. Options are a very distinctive set of instruments that are available to hedge Currency risk. This study provides empirical evidence on why companies employ Currency Options to hed...

National Association for Foreign Student Affairs, Washington, DC. Field Service Program.

Recognizing the need to fill the gap of knowledge concerning currency restrictions, a survey was conducted with the aim of creating a database and directory listing currency restrictions in the world, and also to alert overseas advisers and their U.S. counterparts to the difficulties international students may encounter when trying to obtain funds…

Argument: The paper argues that the introduction of the Euro has considerably reduced de facto monetary policy autonomy in non-ECU members. We start from a simple Mundellian model, in which currency unions raise economic efficiency but reduce monetary policy autonomy. Our main argument holds that governments in countries that did not join the currency union lose monetary policy autonomy if the establishment of a currency union increases the size of the key currency area. The increase in the s...

@@ Economic theory has it that,in a fragile economy,every country wants to expand its exports,and low currency values can help make products cheaper to international buyers.A country's trade balance is simply an accounting identity that by definition matches the flow of goods and capital.

textabstractThe sign and size of estimates of the elasticity of currency substitution critically depend on the definition of the oppurtunity costs of holding money. We investigate possible biases by means of Monte Carlo experiments, as sufficient real data are not available.

This curriculum unit of the Muncie (Indiana) Southside High School is to simulate the dynamics of foreign currency exchange rates from the perspectives of: (1) a major U.S. corporation, ABB Power T & D Company, Inc., of Muncie, Indiana, a manufacturer of large power transformers for the domestic and foreign markets; and (2) individual…

Full Text Available Crypto Currencies have recently gained enormous popularity amongst the general public. With each passing day, more and more companies are radically accepting crypto cur-rencies in their payment systems, paving way for an economic revolution. Currently more than 700 crypto-currencies are avail-able at Coindesk alone for trade purposes. As of November 2016, the Crypto currencies hold a total market share of over 14 Billion USD1 [5]. With no centralized institution to monitor the movement of funds, Crypto currencies and their users are susceptible to multiple threats. In this paper we present an effort to explain the functionality of some of the most popular crypto currencies available in the online market. We present an analysis of the mining methodologies employed by these currencies to induce new currency into the market and how they compete with each other to provide fast, decentralized transactions to the users. We also share, some of the most dangerous attacks that can be placed on these crypto currencies and how the overall model of the crypto currencies mitigates these attacks. Towards the end, we will present taxonomy of the five highly popular crypto currencies and compare their features.

Full Text Available Bitcoin is the first decentralized peer-to-peer crypto-currency founded in 2009. Its main specificity is the fact that there is no issuer of this currency. On the other hand, the supply of this currency is software-programmed and limited. Among other things, its main features are relatively secure payments, low transaction costs, anonymity, inability of counterfeiting, irreversibility of transactions, but also extremely unstable exchange rate. Despite many advantages, the use of this currency is subject of numerous discussions, as this currency offers the possibility of performing various abuses and criminal activities. The future of this and other currencies in this regard depends on both security and privacy of these currencies, and legal regulation of such payments.

Full Text Available The Pattern of Currency Substitution in Latin American: An Overview This paper identifies the stylized facts and common features of recent currency substitution episodes in Bolivia, Mexico, Peru and Uruguay. It discusses the relationship between macroeconomic policies and the pattern of currency substitution in these countries and investigates the effects that the presence of foreign currency deposits had on their demand for domestic money and on their ability to conduct monetary and exchangh rate policy. The paper argues that the decision to allow foreign currency deposits in the domestic financial system tends to increase the inflationary impact of fiscal imbalances and exchange role adjustments and jeopardizes the susfainability of a managed exchange rate regime.

Intended to provide a basic understanding of the history and complexity of a relatively new foreign currency measure, this paper briefly describes the history leading to the formation of the European Economic Community (EEC), its objectives, its governance structure, and its development of the European Currency Unit (ECU) as a means of stabilizing…

The MaxOcc web portal is presented for the characterization of the conformational heterogeneity of two-domain proteins, through the calculation of the Maximum Occurrence that each protein conformation can have in agreement with experimental data. Whatever the real ensemble of conformations sampled by a protein, the weight of any conformation cannot exceed the calculated corresponding Maximum Occurrence value. The present portal allows users to compute these values using any combination of restraints like pseudocontact shifts, paramagnetism-based residual dipolar couplings, paramagnetic relaxation enhancements and small angle X-ray scattering profiles, given the 3D structure of the two domains as input. MaxOcc is embedded within the NMR grid services of the WeNMR project and is available via the WeNMR gateway at http://py-enmr.cerm.unifi.it/access/index/maxocc . It can be used freely upon registration to the grid with a digital certificate.

Full Text Available Toxic currency options are defined on the basis of the opposition to the nature (essence of an option contract, which is justified in terms of norms founded on the general law clause of characteristics (nature of a relation (which represents an independent premise for imposing restrictions on the freedom of contracts. So-understood toxic currency options are unlawful. Indeed they contravene iuris cogentis regulations. These include for instance option contracts, which are concluded with a bank, if the bank has not informed about option risk before concluding the contract; or the barrier options, which focus only on the protection of banks interests. Therefore, such options may appear to be invalid. Therefore, performing contracts for toxic currency options may be qualified as a criminal mismanagement. For the sake of security, the manager should then take into consideration filing a claim for stating invalidity (which can be made in a court verdict. At the same time, if the supervisory board member in a commercial company, who can also be a subject to mismanagement offences, commits an omission involving lack of reaction (for example, if he/she fails to notify of the suspected offence committed by the management board members acting to the companys detriment when the management board makes the company conclude option contracts which are charged with absolute invalidity the supervisory board member so acting may be considered to act to the companys detriment. In the most recent Polish jurisprudence and judicature the standard of a good host is treated to be the last resort for determining whether the managers powers resulting from criminal regulations were performed. The manager of the exporter should not, as a rule, issue any options. Issuing options always means assuming an obligation. In the case of currency put options it is an absolute obligation to purchase a given amount in euro at exchange rate set in advance. On the other hand issuing

Monetary instability during the transition process from a command economy to a market economy has induced a considerable increase in currency substitution in Eastern Europe. Currency substitution itself affects monetary stability since it reduces the stability of velocity. This paper investigates cu

@@ Recently,the weakening US dollar has forced many economies into measures for intervening in the foreign reserve market to curb a fast appreciation of their own currencies.A great clamor has arisen around currency war amidst hype from western media.

Full Text Available Currency options are often used to mitigate currency risk resulting from corporate activities. Their implementation can be complex, and there could be problems if the essential elements and principles are not fully understood. Although they are not the simplest financial products, currency options are interesting and useful to those who are trying to make a step forward in the area of currency risk management. This paper aims to present the general principles and specifics of accounting records and valuation of currency options used for hedging against risk. It is a complex process which, in addition to numerous conditions, also involves the implementation of accounting rules that deviate from the generally accepted accounting principles.

A large set of daily FOREX time series is analyzed. The corresponding correlation matrices (CM) are constructed for USD, EUR and PLN used as the base currencies. The triangle rule is interpreted as constraints reducing the number of independent returns. The CM spectrum is computed and compared with the cases of shuffled currencies and a fictitious random currency taken as a base currency. The Minimal Spanning Tree (MST) graphs are calculated and the clustering effects for strong currencies are found. It is shown that for MSTs the node rank has power like, scale free behavior. Finally, the scaling exponents are evaluated and found in the range analogous to those identified recently for various complex networks.

Gold and currency markets form a unique pair with specific interactions and dynamics. We focus on the efficiency ranking of gold markets with respect to the currency of purchase. By utilizing the Efficiency Index (EI) based on fractal dimension, approximate entropy and long-term memory on a wide portfolio of 142 gold price series for different currencies, we construct the efficiency ranking based on the extended EI methodology we provide. Rather unexpected results are uncovered as the gold prices in major currencies lay among the least efficient ones whereas very minor currencies are among the most efficient ones. We argue that such counterintuitive results can be partly attributed to a unique period of examination (2011-2014) characteristic by quantitative easing and rather unorthodox monetary policies together with the investigated illegal collusion of major foreign exchange market participants, as well as some other factors discussed in some detail.

The aim of this article is to show the position of Bitcoin among virtual currencies. On the basis of the reports published by the European Central Bank and The Financial Action Task Force, as well as the available Internet and primary sources, there have been presented the types and the history of virtual currencies, the way in which Bitcoin functions and the methods of acquiring it. The article is based on the assumption that an in-depth knowledge of virtual currencies, their classification ...

The Open Commons Consortium (OCC) is one of the five "Data Alliance" anchoring institutions in the NOAA Big Data Project (BDP) that was announced on April 21st, 2015. This study will present lessons learned from the first year of the BDP. The project so far has set up a pilot data commons with some initial datasets and established a digital ID service. Demonstrations on how to work with the digital ID service and the NEXRAD radar data will be shown. The proof of concept for the OCC NOAA Data Commons was established using the level 2 NEXRAD data made available to the BDP partners. Approximately 50 TiB of NEXRAD data representing the year 2015 was incorporated into the data commons. The digital ID service supports a common persistent data ID that can access data from across multiple data locations. Using this digital ID service allows users to access the NEXRAD data from their choice of the OCC NOAA Data Commons or from Amazon's NEXRAD data holdings in the same manner. To demonstrate the concept further, a sample Jupyter notebook was created to utilize the data. The notebook, which uses the Py-ART package, creates an animated loop of the NEXRAD data showing a Mayfly hatch in Wisconsin during June 2015. The notebook also demonstrates how to do a basic quality control procedure on the radar data, in this instance to remove meteorological echoes in favor of showcasing the biological scatters. For grantees on the Open Science Data Cloud there are additional premade resources available such as virtual machine images preloaded with the tools needed to access the NEXRAD data.

This paper examines the benefits from hedging the currency exposure of international investments in single- and multi-country equity and bond portfolios from the perspectives of German, Japanese, British and American investors. Over the period 1975 to 2009, hedging of currency risk substantially reduced the volatility of foreign investments at a quarterly investment horizon. Contrary to previous studies, the paper finds that at longer investment horizons of up to five years the case for hedgi...

It is said that a country’s currency peg can become currency manipulation representing protracted government intervention in the foreign exchange market that gives it unfair competitive advantage in international trade yet prevents effective balance of payments in its trade partners. Regarding this widespread fallacy, this paper explains why currency peg is not currency manipulation even when it keeps a country’s currency undervalued. We clarify that 1) government is inherently a major player...

The MaxOcc web portal is presented for the characterization of the conformational heterogeneity of two-domain proteins, through the calculation of the Maximum Occurrence that each protein conformation can have in agreement with experimental data. Whatever the real ensemble of conformations sampled by a protein, the weight of any conformation cannot exceed the calculated corresponding Maximum Occurrence value. The present portal allows users to compute these values using any combination of restraints like pseudocontact shifts, paramagnetism-based residual dipolar couplings, paramagnetic relaxation enhancements and small angle X-ray scattering profiles, given the 3D structure of the two domains as input. MaxOcc is embedded within the NMR grid services of the WeNMR project and is available via the WeNMR gateway at http://py-enmr.cerm.unifi.it/access/index/maxocchttp://py-enmr.cerm.unifi.it/access/index/maxocc. It can be used freely upon registration to the grid with a digital certificate.

Full Text Available "n "nBackground and Objectives: In many countries, there is a popular belief that the simultaneous "nhandling of food and money contributes to the incidence of food-related public health incidents. "nThe objective of this study was to determine the total bacterial count and the presence of food borne "nbacterial pathogens on Iranian currency notes, collected from food-related shops. "n "nMaterials and Methods: A total of 120 Iranian currency notes, comprising notes in four denomination (2000, 5000, 10000 and 20000 R were collected from various food-related shops including, butchery, bakery, confectionary, fast food, ice cream and poultry meat shop. The currency notes were categorized into three groups according to their physical conditions. All currency notes were examined for total bacterial count, Escherichia coli, Staphylococcus aureus, Bacillus cereus, Salmonella and Listeria according to the standard techniques."nResults: The average number of total bacterial count in four denomination of currency notes (2000, 5000, 10000 and 20000 R were 118.49, 106.32, 69.44 and 220.81 CFU/cm2, respectively. The association between total bacterial count and denomination of the currency was not statistically significant. Of the 120 currency notes on which bacteriological analysis was conducted 13.3 %, 32.5% and 10.8 % were contaminated with E. coli, S. aureus and B. cereus, respectively. Salmonella and Listeria were not isolated from samples. Currency notes collected from butchery, bakery, confectionary, fast food, ice cream and poultry meat shop were contaminated with E. coli at the rate of 60, 0, 5, 5, 0 and 10 %; with S. aureus at the rate of 55, 30, 10, 25, 40 and 35 %; with B. cereus at the rate of 0, 10, 20, 5, 20 and 10 %, respectively. There was not a statistically significant association between physical condition and bacterial contamination of the currency notes. The effect of presence or absence of cashier in food-related shops on bacterial

Full Text Available This paper presents an ex-post assessment of the current situation of the EMU in light of the conditions prescribed by the theory of Optimum Currency Areas (OCA. The analysis shows that some of those conditions were satisfied at the inception of the EMU, others were missing at the beginning, but improved over time as expected by the endogenous approach to the OCA theory. The common fiscal capacity was the main missing element of the initial construction of the Eurozone, and still is. The common budget is so exiguous that its effectiveness as shock absorption mechanism is negligible. The analysis then shows how some of the concerns raised on the eve of the euro did actually materialize, even if not immediately. First, in its first decade the Eurozone did not experience major turbulences, because growing financial integration was compensating the need for fiscal transfers, channelling the excess of saving from the ‘core’ to the ‘periphery’. Second, the mechanism generated record-high private indebtedness in the ‘periphery’ and exposure of the banks in the ‘core’, making the whole system more fragile as it relied upon financial markets’ stability. Third, once the long-feared shock hit, the mechanism proved weak and non-resilient. The inherent weaknesses of the EMU became evident. Fourth, as it had been foreseen, the cost of the adjustment after the shock fell mainly on labour, with much higher and longer unemployment in the Eurozone than both non-Eurozone EU and the US. Fifth, as the theory suggested, the lack of common mechanisms of adjustment dramatically increased the socio-economic divergences within the EMU. The paper finally presents a simulation for a common budget of the Eurozone, linked to the relative current account positions of the member states.

... information available to a supervised entity and to other persons, that in the sole discretion of the... privileged. Accordingly, the OCC will not normally disclose this information to third parties. (c) Conditions... remains the property of the OCC. No supervised entity, government agency, person, or other party to whom...

Full Text Available This article considers the term "currency war", its meaning and the present situation in the world economy. It also contains research and analysis of HSBC's operations in different countries in the devaluation race grouping them according to the participation in currency wars. Along with the benefits of the devaluation of its own currency the actual disadvantages that may reveal afterwards have been identified. This article highlights the different versions of events put forward by the experts in the global economy and analysts. The authors mention the possible problems of ordinary citizens in case of their country's aggressive policy to reduce their national currency. The behavior of the Russian ruble was also discussed in detail according to which the recommendations were given to depositors of banks about their future action in the circumstances. Devaluation race in any case cannot be completed safely but it is possible to avoid excessive losses if the countries achieve international agreement by establishing a new currency regime.

on migration rates. We use panel regressions to test these relationships and find out that migration between member states is very low after the Euro’s first decade. Combined with the lack of significant fiscal transfers we conclude that the currency union is still not an OCA.......The main objective of this study is to test if the Eurozone a decade after its launch can be considered an optimal currency area (OCA) as defined by Mundell (1961). In an OCA, asymmetric shocks – as the ones experienced by the Eurozone following the recent financial crisis – may be dampened by two...... instruments: fiscal transfers from one country to another, or migration. As fiscal transfers in the Eurozone are low, we study the economic significance of migration flows as automatic stabilizers of the currency area. We assume that there is a strong relationship between unemployment and relative wealth...

We extend the Thomas (1985) dynamic optimising model of money demand and currency substitution to the case in which the individual has restricted or no access to foreign currency denominated bonds. In this case Currency Substitution decisions and Asset Substitution decisions are not separable. The results obtained suggest that the significance of an expected exchange rate depreciation term in the demand for domestic money provides a valid test for the presence of currency subst...

Currency portfolios exhibit asymmetric correlations: during periods of bear, volatile world equity markets, currency portfolios provide different hedging benefits than in bull markets. I show how these time-varying hedging benefits depend on currency characteristics. This paper also illustrates how the presence of regime shifts in financial markets affects optimal portfolio choice across currency portfolios: during bear markets, investors are better off by unwinding carry trade positions, and...

Motivated by current concerns over foreign currency exposures in emerging economies, we examine the currency denomination of business loans made in Bulgaria prior to the current crisis. We analyze information on the requested and granted currency for more than hundred thousand loans granted by one b

... States and foreign currencies permitted. Fares and charges applying between points in the United States... foreign countries, may also be stated in the currencies of foreign countries in addition to being stated... 14 Aeronautics and Space 4 2010-01-01 2010-01-01 false Currency. 221.50 Section 221.50...

Full Text Available Nowadays, there are multiple solutions for exchanging electronic currencies which will most probably replace physical money. This paper presents a platform for electronic currency system implemented within a Java smart card for accessing different types of products or services. The user interacts with an “electronic currency bank” and with a merchant through a secure protocol.

The first new design of United States currency in over 60 years will soon be issued. Its issuance will be the culmination of a 6-year effort to make U.S. currency more secure against widely available advanced reprographic technology. The cooperative effort was directed by the Advanced Counterfeit Deterrence (ACD) Steering Committee, with executive representatives from the Federal Reserve System (FRS), U.S. Secret Service (USSS), Bureau of Engraving and Printing (BEP) and Treasury Department. A task force of technical experts from each agency carried out the necessary evaluations. The overall strategy to determine the new design and new features applied a comprehensive, synergistic approach to target each type of currency user and each type of counterfeiting. To maximize objectivity yet expedite final selection, deterrent and detection technologies were evaluated through several parallel channels. These efforts included an open request for feature samples through the Commerce Business Daily, in-house testing of each feature, independent evaluation by the National Research Council, in-house design development and survey of world currencies. Recommendations were submitted by the Steering Committee to the Treasury Secretary for concept approval, announced in July 1994. Beginning in 1996, new designs will be issued by denomination approximately one per year, starting with the $100 bill. Future new design efforts will include input from the recently founded Securities Technology Institute (STI) at Johns Hopkins Applied Physics Laboratory. Input will include evaluation of existing features, development of new techniques and adversarial analysis.

Full Text Available In this study the reasons behind the wide fluctuations of the dollar exchange rate following the breakdown of the Bretton Woods system, for the most part unexplained by the prevailing exchange rate theories, are explored. The author investigates the exchange rate between the two most traded currencies, the dollar and the deutschemark, from 1973 to 1988. In the first part, the pattern of the daily exchange rate movements is examined to show that a sequence of upward and downward trends interrupted by non-directional movements is typical of exchange rate dynamics in the short run. This pattern is systemically exploited through currency speculation, particularly through the use of “technical analysis”. In the second part, the author focuses on the medium-term, arguing that fluctuations can be explained as the result of interacting disequilibria in the goods and asset markets. Although currency speculation has been systemically profitable for most currencies, it should be considered to be destabilising since the sequence of price runs caused large and persistent deviations of exchange rates from their equilibrium values (purchasing power parity.

Full Text Available In this study the reasons behind the wide fluctuations of the dollar exchange rate following the breakdown of the Bretton Woods system, for the most part unexplained by the prevailing exchange rate theories, are explored. To do so, the author investigates the exchange rate between the two most traded currencies, the dollar and the deutschemark, from 1973 to 1988. In the first part, the pattern of the daily exchange rate movements is examined to show that a sequence of upward and downward trends interrupted by non-directional movements is typical of exchange rate dynamics in the short run. Moreover, this pattern is systemically exploited through currency speculation, particularly through the use of “technical analysis”. In the second part, the author focuses on the medium-term, arguing that fluctuations can be explained as the result of interacting disequilibria in the goods and asset markets. Although currency speculation has been systemically profitable for most currencies, it should be considered to be destabilizing since the sequence of price runs caused large and persistent deviations of exchange rates from their equilibrium values (purchasing power parity.

We empirically investigate the relation between sovereign risk and exchange rates for a broad set of currencies. An increase in the credit default swap (CDS) spread of a country is accompanied by a significant depreciation of the exchange rate. More generally, CDS spread changes have substantial...

When using the influence diagrams framework for solving a decision problem with several different quantitative utilities, the traditional approach has been to convert the utilities into one common currency. This conversion is carried out using a tacit transformation, under the assumption that the...

that the converted problem is equivalent to the original one. In this paper we present an extension of the Influence Diagram framework, which allows for these decision problems to be modelled in their original form. We present an algorithm that, given a conversion function between the currencies, discovers...

Full Text Available Paper currency recognition is one of the important applications of pattern recognition. This application is used to recognize the currency of different countries. Currency recognition system can be used in many places like Hotels, Shops and Automated Teller Machines etc. The currency recognition system should be able to classify this paper currency to the correct class of paper currencies to which it belongs. This paper represents currency recognition system of different countries using different techniques. The paper represents recognition system of different countries like Bangladesh, China, India and recognition system for Euro currency. Different techniques are used to develop these systems like Bangladeshi Currency Recognition System using Negatively Correlated Neural Network, Bangladeshi Currency Recognition System Using Neural Network with Axis Symmetrical Masks and Chinese Currency Recognition System based on BP (Back Propagation Neural Network Improved by Gene Algorithm, Chinese Currency Recognition by Neural Network, Chinese Currency Recognition based on LBP (Local Binary Pattern. Indian Currency Recognition System based on Heuristic Analysis and Recognition System for Euro using New Recognition Method. This paper represents currency recognition system of different countries and method used to develop these systems.

Full Text Available The problem of pegging currencies of developing countries to the US dollar is that its dynamics determines the economic instability of most of such countries and the world economy as a whole. In this regard there is a need to find alternative variants of the global monetary anchor to ensure the global financial stability. It is proposed to choose an anchor based on the basket of floating national currencies, which will be balanced by counter fluctuations of the basket currencies and be stable with respect to the national currency, as one of the variants. Such basket anchor can potentially perform the function of money and be used as the world and regional currency. The article presents the example of calculating the quotation of national currencies against the baskets based on the data on G-20 and EAEU countries.

Full Text Available The paper searches for an appropriate measure of currency misalignment in light of the 1997 Asian currency crisis. A couple of measures of currency misalignment, one based on purchasing power parity and the other based on equilibrium real exchange rate that is consistent with internal and external equilibrium are used to estimate the degree of currency misalignment for Korea, Indonesia, Malaysia, and Thailand before the 1997 currency crisis. The paper finds that the purchasing power parity based methods show that the Asian currencies were not significantly overvalued on the eve of the crisis. On the other hand, measures based on the equilibrium real exchange rate concept demonstrate that the Asian currencies were significantly overvalued. In consequence, the equilibrium real exchange rate based method seems to be a useful candidate for a measure of currency misalignment.

The objective of this article is to present in a systematic war elements to debate the persistence of the option for central banks, against its replacement by currency boards or by a foreign currency in unstable environments. Both, currency boards or "dollarization" could be desirable since the point of view of stability and growth with respect to a traditional central bank agreement. But they entail a loss of degrees of freedom before crisis and they are not time consistent.

Title: Corporate Strategies for Currency Risk Management ackground:Currency fluctuations are a global phenomenon, and can affect multinational companies directly through their cash flow, financial result and company valuation. The exposure to currency risks might however be covered against or ‘hedged’, as it is called, by different external and internal corporate strategies. However, some of these strategies might include a risk themselves as they can be expensive and uncertain. It is therefo...

... would credit foreign currency toward clearing fund and margin requirements. OCC does not presently accept foreign currency either as clearing fund contributions or margin deposits. However, because... securities. When determining the U.S. dollar value of such foreign currency, OCC would conduct its...

Full Text Available Introduction: Accumulated data obtained over the last 20 years on the microbial status and survival of pathogens on currency notes indicate that this could represent a potential cause of sporadic cases of food borne illness. Objectives: To identify the micro-organisms present on the Indian currency notes and the oral health risks due to microbial contamination of Indian currency notes circulating in Bengaluru city. Materials and Methods: A cross-sectional survey was conducted and the Indian currency notes of various denominations (Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, and Rs. 1000 were collected from fruit vendors, hawkers, vegetable vendors, bus conductors, railway ticket counters, hotel counters, and butchers. Sample size was determined to be 70 Indian currency notes. Convenience sampling technique was used. Microbiological analysis of the collected currency notes was done. Results: The contamination rate of collected currency notes from the butchers and hawkers were 80% and 60% respectively. Staphylococcus aureus was present on 15 currency notes (21.42% and was found to be higher in Rs. 10 than in other currency denominations. Streptococcus pyogenes was present on four currency notes (5.714% of Rs. 10. Conclusion: The Indian currency notes circulating in Bengaluru city were contaminated with pathogenic bacteria. The oral health risks due to microbial contamination of Indian currency notes are acute pharyngitis, peritonsillar or retropharyngeal abscess, mastoiditis, sinusitis, otitis media, mild cellulitis, angular cheilitis, some endodontic infections, osteomyelitis of the jaw, parotitis, and oral mucositis.

Full Text Available Background: Transmission of human pathogens can be occurred via inert objects. Paper currency is a further common contact surface whereby pathogens can be transferred within a population although the significance remains unknown. Hence, the aim of the present study was to investigate microbial populations associated with Iranian paper currency.Methods: This study was carried out by getting 108 samples of the Iranian currency notes (1000, 2000, 5000, 10000, 20000 and 50000 RIALS from food-related shops that included food service outlets, greengrocery, supermarket, bakery, confectionary and poultry meat retail outlets. All currency notes were examined for total bacterial count and identification of pathogenic bacteria.Results: The average total bacterial count that was recovered from currency notes was found to be 3.27±0.31 colony forming unites. 2000R had the highest total bacterial count, followed by 5000R, 10000R and the lowest in 50000R. In this study, the isolated bacteria recovered were Bacillus cereus (8.33%, E. coli (48.14%, Staphylococcus aureus (28.7%, Salmonella (0.92%, Listeria monocytogenes (0.92%, Yersinia entrocolitica (6.48%. It was revealed that all the pathogens screened for where encountered on currency notes were recovered from one sample. There were no significant (P>0.05 correlations between the carriage of pathogens/fecal indicator bacteria and currency note condition.Conclusion: Our findings demonstrate that Iranian currency notes represent a significant vehicle for human pathogens.

@@ By launching a currency war against China,the U.S.aims to prompt a diversion in global wealth allocation.With RMB in the center of the global currency war,Chinas economy is dancing on the rope in striving to strike an internal and external balance.

Full Text Available This study investigates the impacts of the degree of currency substitution on nominal exchange rate volatility in seven countries (Indonesia, the Philippines, the Czech Republic, Hungary, Poland, Argentina, and Peru. We use the Threshold ARCH model to consider the ratchet effect of currency substitution and sample periods in the 2000s, during which time the economies of the sample countries stabilized, while the U.S. dollar and euro depreciated against other major currencies following the recent global financial crisis. The presented empirical analyses show that the degree of currency substitution has significant positive effects on the conditional variance of the depreciation rate of the nominal exchange rate in most sample countries. Moreover, a shock to the depreciation rate of the nominal exchange rate has asymmetric effects on the conditional variance, depending on the sign. One possible explanation for these differential effects is the existence of the ratchet effect of currency substitution.

Full Text Available As for the research into this subject, we find, therefore, that one of the most important indicators that quantify the international competitiveness is the exchange rate, together with other fundamental macroeconomic variables such as the size of the potential GDP, the equilibrium real exchange rate, gives a certain insight into the functioning of the fundamental macroeconomic mechanisms and their regulation. Commercial and financial operations imply relationships between partners from different currency countries or areas that involve conversion operations, of replacement of a currency to another. Exchange rate fluctuations of one currency create currency risk, to the extent that it is used to carry out international transactions. These operations are subjected to currency risk as exchange rates change frequently from one period to another and, on the other hand, speculations in the forex market influence the exchange rate by the interventions of those who perform them.

World currency network constitutes one of the most complex structures that is associated with the contemporary civilization. On a way towards quantifying its characteristics we study the cross correlations in changes of the daily foreign exchange rates within the basket of 60 currencies in the period December 1998 May 2005. Such a dynamics turns out to predominantly involve one outstanding eigenvalue of the correlation matrix. The magnitude of this eigenvalue depends however crucially on which currency is used as a base currency for the remaining ones. Most prominent it looks from the perspective of a peripheral currency. This largest eigenvalue is seen to systematically decrease and thus the structure of correlations becomes more heterogeneous, when more significant currencies are used as reference. An extreme case in this later respect is the USD in the period considered. Besides providing further insight into subtle nature of complexity, these observations point to a formal procedure that in general can be used for practical purposes of measuring the relative currencies significance on various time horizons.

Full Text Available Fundamental laws govern all complex flow systems, including natural ecosystems, economic and financial systems. Natural ecosystems are practical examples of sustainability: enduring, vital, adaptive. The sustainability of any complex flow system can be measured with a single metric as emergent property of its structural diversity and interconnectivity; it requires a balance in emphasis between efficiency and resilience. The urgent message for economics from nature is that the monoculture of national currencies, justified on the basis of market efficiency, generates structural instability in our global financial system. Economic sustainability therefore requires differentiation in types of currencies, specifically through complementary currencies.

The history of money is marked by innovations that have expanded the role of "inside money"-money created by the private sector. For instance, the past few years have seen the development of several types of on-line payment arrangements, some of which have been dubbed "on-line currencies." ; This article examines the likely success or failure of on-line currencies by means of a historical analogy. The discussion compares the introduction of on-line currencies to the debut of the bearer bankno...

We model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm-level distress costs. Under perfect information foreign currency funds come at a lower interest rate, all foreign currency earners as well as those local currency earners wi

... Conversion of currency. (a) In general. In an antidumping proceeding, the Secretary will convert foreign... with respect to such foreign currency in the forward sale agreement to convert the foreign currency. (c... movement in foreign currency value. In an antidumping investigation, if there is a sustained...

.... Preservation of Existing Authority C. Relationship to Other Legal Requirements D. Definitions II. Standards for... and supervisory guidance on fiduciary activities and asset management address the need for national... the OCC. C. Relationship to Other Legal Requirements. Actions by a bank in connection with residential...

Full Text Available Currency Substitution and the Regressivity of Inflationary Taxation The purpose of this paper is to show that in the presence of financial adaptation or currency substitution. the inflation tax is extremely regressive. This regressivity arises from the existence of a fixed cost of switching to inflation-proof transactions technologies. This fixed cost makes it optimal only for those agents with sufficiently high incomes to switch out of domestic currency. The effects are illustrated and quantified for a particular case.

... technologies of using of finances, namely virtual coin (Bitcoin). Use of this coin appears as an alternative to traditional currencies, but they are not under the control of no body, are devoid of inflation and maintain the anonymity of users...

This paper examines the effects on the supply of money and credit of a repatriation of foreign assets in an economy subject to currency substitution. In the absence of 100 percent reserve requirements, such a change in the location of deposits, which is not compensated by an increase in money demand, induces a credit boom that works itself out through a transitory current account deficit and real currency appreciation. These results are illustrated with data from the recent experience in Arge...

The accurate forecast of the foreign currencies exchange rates at the ultra high frequency electronic trading in the foreign currencies exchange markets is a main topic of our research: 1) the present state of the foreign currencies exchange markets in Asia, Europe and North America; 2) the research review on the classic forecast techniques of the foreign currencies exchange rates dynamics in the foreign currencies exchange markets in the classic finances theory; 3) the description on the qua...

The purpose of this paper is to highlight certain newly discovered social phenomena that accord with Zipf's law, in addition to the famous natural and social phenomena including word frequencies, earthquake magnitude, city size, income1 etc. that are already known to follow it. These phenomena have recently been discovered within the transaction amount (payments or receipts) distributions within two different Community Currencies (CC) that had been initiated as social experiments. One is a local CC circulating in a specific geographical area, such as a town. The other is a virtual CC used among members who belong to a certain community of interest (COI) on the Internet. We conducted two empirical studies to estimate the economic vitalization effects they had on their respective local economies. The results we found were that the amount of transactions (payments and receipts) of the two CCs was distributed according to a power-law distribution with a unity rank exponent. In addition, we found differences between the two CCs with regard to the shapes of their distribution over a low-transaction range. The result may originate from the difference in methods of issuing CCs or in the magnitudes of the minimum-value unit; however, this result calls for further investigation.

Full Text Available In this paper, we have developed a forecasting system for currency crisis in East Asia based on a signaling approach. Our system uses 15 monthly indicators of five East Asian countries including Indonesia, Korea, Malaysia, the Philippines and Thailand that were severely hit by the currency crisis in 1997. We investigate the performance of the system through deploying out-of-sample forecasting for the periods both before and after the 1997 East Asian currency crisis. Unlike the existing research based on the signaling approach, our out-of-sample forecasting does not fix the in-sample period. The out-of-sample forecasting between July 1995 and June 1997 shows that prior to breakout of the crisis, several indicators including real exchange rates and exports sent frequent warnings to all crisis-hit East Asian countries except the Philippines. This may indicate that a signaling-based early warning system for currency crisis could have been an useful method of forecasting the East Asian crisis. On the other hand, we also find that our forecasting system often generates warning signals during the out-of-sample period between July 1999 and June 2001. Since we have not observed any currency crisis in this region after 1998, these are all false alarms, indicating that our system may be seriously exposed to the type II error. We can, however, mitigate this problem if we adjust the optimal critical values of indicators depending on the preferences of forecasting system manager.

A fundamental issue in foraging theory is whether it is possible to find a simple currency that characterizes foraging behaviour. If such a currency exists, then it is tempting to argue that the selective forces that have shaped the evolution of foraging behaviour have been understood. We review previous work on currencies for the foraging behaviour of an animal that maximizes total energy gained. In many circumstances, it is optimal to maximize a suitably modified form of efficiency. We show how energy gain, predation and damage can be combined in a single currency based on reproductive value. We draw attention to the idea that hard work may have an adverse effect on an animal's condition. We develop a model of optimal foraging over a day when a forager's state consists of its energy reserves and its condition. Optimal foraging behaviour in our model depends on energy reserves, condition and time of day. The pattern of optimal behaviour depends strongly on assumptions about the probability that the forager is killed by a predator. If condition is important, no simple currency characterizes foraging behaviour, but behaviour can be understood in terms of the maximization of reproductive value. It may be optimal to adopt a foraging option that results in a rate of energy expenditure that is less than the rate associated with maximizing efficiency.

Full Text Available In the last few years a great technological advances in color printing, duplicating and scanning, counterfeiting problems have become more serious. In past only authorized printing house has the ability to make currency paper, but now a days it is possible for anyone to print fake bank note with the help of modern technology such as computer, laser printer. Fake notes are burning questions in almost every country. Like others country Bangladesh has also hit really heard and has become a very acute problem. Therefore there is a need to design a currency recognition system that can easily make a difference between real and fake banknote and the process will time consuming. Our system describes an approach for verification of Bangladeshi currency banknotes. The currency will be verified by using image processing techniques. The approach consists of a number of components including image processing, image segmentation, feature extraction, comparing images. The system is designed by MATLAB. Image processing involves changing the nature of an image in order to improve its pictorial information for human interpretation. The image processing software is a collection of functions that extends the capability of the MATLAB numeric computing environment. The result will be whether currency is real or fake.

Vehicle positioning has been subjected to extensive research regarding driving safety measures and assistance as well as autonomous navigation. The most common positioning technique used in automotive positioning is the global positioning system (GPS). However, GPS is not reliably accurate because of signal blockage caused by high-rise buildings. In addition, GPS is error prone when a vehicle is inside a tunnel. Moreover, GPS and other radio-frequency-based approaches cannot provide orientation information or the position of neighboring vehicles. In this study, we propose a cooperative-vehicle positioning (CVP) technique by using the newly developed optical camera communications (OCC). The OCC technique utilizes image sensors and cameras to receive and decode light-modulated information from light-emitting diodes (LEDs). A vehicle equipped with an OCC transceiver can receive positioning and other information such as speed, lane change, driver's condition, etc., through optical wireless links of neighboring vehicles. Thus, the target vehicle position that is too far away to establish an OCC link can be determined by a computer-vision-based technique combined with the cooperation of neighboring vehicles. In addition, we have devised a back-propagation (BP) neural-network learning method for positioning and range estimation for CVP. The proposed neural-network-based technique can estimate target vehicle position from only two image points of target vehicles using stereo vision. For this, we use rear LEDs on target vehicles as image points. We show from simulation results that our neural-network-based method achieves better accuracy than that of the computer-vision method.

It is generally considered that the US dollar and the euro are the key currencies in the world and in Europe, respectively. However, there is no absolute general measure for a key currency. Here, we investigate the 24-hour periodicity of foreign exchange markets using a recurrence plot, and define an absolute measure for a key currency based on the strength of the periodicity. Moreover, we analyze the time evolution of this measure. The results show that the credibility of the US dollar has not decreased significantly since the Lehman shock, when the Lehman Brothers bankrupted and influenced the economic markets, and has increased even relatively better than that of the euro and that of the Japanese yen.

Full Text Available The strategy of constructivism is one of the most efficient ones for the countries which stand at the intersection of interests of large players in the global economy. The modern currency reformation and principles of positioning of Kazakhstan could be a bright example of how the internal policy should be implemented to ensure the interests of a socially oriented state, including definitions of the currency mechanism. All measures and actions of the central bank and the government have always been weighted, consistent and foreseeable: the logic and economic substantiation have always been adhered to in the exchange rate policy at simultaneous liberalization of the foreign exchange market

Full Text Available The collapse of the Bretton Woods international monetary system in 1971 inaugurated an era of highly fluctuating exchange rates. Part of the reason for this volatility has been the almost complete internationalisation of capital markets, with national currencies remaining subject to political influences and the vagaries of changing trade patterns. One possible solution to these problems would be the adoption of a single international currency unit. Although this would not remove the problem inherent in balance of payments disequilibrium, it would nevertheless impose greater market discipline on financial policies by removing the option of monetary adjustments.

@@ The worst financial disaster since World War II has certainly taken its toll globally, but even with recovery in full swing the catastrophe has not been totally alleviated as economic worries still abound.Claims that the recession has gone or the world has entered a "post-crisis era" are premature.But while many countries around the world reflect on what has been and should be done to facilitate recovery, the United States seems bent on hindering those efforts by instigating a trade and currency war with China, accusing China of being a "currency manipulator."This move is obviously unfair and irrational.

Full Text Available Simulating an Optimizing Model of Currency Substitution This paper reports simulations based on the parameter estimates of an intertemporal model of currency substitution under nonexpected utility obtained by Bufman and Leiderman (1991. Here we first study the quantitative impact of changes in the degree of dollarization and in the elasticity of currency substitution on government seigniorage. Then, when examine whether the model can account for the comovement of consumption growth and assets' returnr after the 1985 stabilization program, and in particular for the consumption boom of 1986-87. The results are generally encouraging for future applications of optimizing models of currencysubstitution to policy and practical issues.

This paper identifies and analyzes BitCoin features which may facilitate Bitcoin to become a global currency, as well as characteristics which may impede the use of BitCoin as a medium of exchange, a unit of account and a store of value, and compares BitCoin with standard currencies with respect to the main functions of money. Among all analyzed BitCoin features, the extreme price volatility stands out most clearly compared to standard currencies. In order to understand the reasons for such e...

This paper identifies and analyzes BitCoin features which may facilitate Bitcoin to become a global currency, as well as characteristics which may impede the use of BitCoin as a medium of exchange, a unit of account and a store of value, and compares BitCoin with standard currencies with respect to the main functions of money. Among all analyzed BitCoin features, the extreme price volatility stands out most clearly compared to standard currencies. In order to understand the reasons for such e...

This paper identifies and analyzes BitCoin features which may facilitate BitCoin to become a global currency, as well as characteristics which may impede the use of BitCoin as a medium of exchange, a unit of account and a store of value, and compares BitCoin with standard currencies with respect to the main functions of money. Among all analyzed BitCoin features, the extreme price volatility stands out most clearly compared to standard currencies. In order to understand the reasons for such e...

Full Text Available Currency Substitution and Government Revenue from Inflation The purpose of this paper is to show that in the case of an open economy the calculations of revenue-maximing rates of inflation have been made using a restrictive model that assumes that domestic residents can only substitute between domestic money and goods (and real assets. The paper demonstrates that once the effects of currency substitution, so common in developing countries, are taken into account, the inflation rate that maximizes the proceeds of the inflation tax can be quite lower than would be the case when currency substitution is ignored.

@@ China scrapped the yuan's peg to the U.S. dollar and tied it to a basket of currencies, the naton's central bank said, the first steps in highly anticipated reforms aimed at letting the currency float freely.

In the purchase of books from foreign countries, the basic problem with regard to currency is to decide which currency will be used in these transactions, and how to reach agreement with vendors on this point. (11 references) (Author)

This paper examines the relationship between so-called commodity currencies and commodity prices in recent years. Commodity prices have fluctuated significantly during this time period. Commodity currencies -- the currencies of large commodity exporters such as Australia, Canada, Chile, and South Africa -- have experienced large swings together with commodity prices. The paper identifies the basis of the co-movements between commodity currencies and commodity prices, and checks the statistica...

We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice is explained by both currency-specific and country-specific determinants. We use unique

... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Dollars as including foreign currency... RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS General Provisions § 103.51 Dollars as including foreign currency. Wherever in this part an amount is stated in dollars, it shall be deemed to...

We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice depends on the characteristics of both the currency and the country. We use unique quarterly panel data

... foreign currencies. 3.32 Section 3.32 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS... Exchange rates for foreign currencies. When determining the rates of pension or parents' DIC or the amounts... entitled, income received or expenses paid in a foreign currency shall be converted into U.S....

... the issuance of currency, section 107 of California's Corporations Code, would prohibit the use or acceptance of virtual currencies not issued by a government entity. (226) However, in order to "accommodate the growing use of alternative payment methods such as bitcoin," Governor Jerry Brown signed into law "AB-129 Lawful Money: Alternative Currenc...

textabstractIn the last decade, interest in exotic options has been growing, especially in the over-the-counter currency market. In this paper we consider Iookback currency options, which are path-dependent. We show that a one-state variable binomial model for currency Iookback options can be constr

textabstractWe identify the benefits and costs of financial openness in terms of currency crises based on a novel quantification of the systemic impact of currency (financial) crises. We find that systemic currency crises mainly exist regionally, and that financial openness helps diminish the probab

textabstractThis paper tests whether hedging currency risk improves the performance of international stock portfolios. We use a generalized performance measure which allows for investor-dependencies such as different utility functions and the presence of nontraded risks. In addition we show that an

This paper studies the importance of heterogeneous beliefs for the dynamics of asset prices. We focus on currency markets, where the absence of short-selling constraints allows us to perform sharper tests of theoretical predictions. Using a unique data set with detailed information on foreign-exchan

This paper investigates how heterogeneous beliefs of professional investors impact on the currency options market. Using a unique data set with detailed information on the foreign-exchange forecasts of about 50 market participants over more than ten years, we construct an empirical proxy for differe

Digital Badges--icons that can represent skills and achievements at a more fine-grained level than a degree--give colleges and universities a new way to document learning outcomes and to map the pathways students follow to earn a degree. They also provide a common currency to denote learning outcomes and give employers a visual representation and…

@@ At the trading system of the Shanghai-based China Foreign Exchange Swap Center on May 25, the Bank of China and Fujian Industrial Bank finished the Center's first trading between the greenback and the HK currency at HK$7.7993 against US$1, with a turnover of one million US dollars.

At the trading system of the Shanghai-based China Foreign Exchange Swap Center on May 25, the Bank of China and Fujian Industrial Bank finished the Center's first trading between the greenback and the HK currency at HK$7.7993 against US$1, with a turnover of one million US dollars.……

This essay explores the concept of "cultural commons" and provides an illustration of a cultural commons practice from an ethnographic study of a community currency. The following section links cultural commons practices to situated and social cognitive learning theories, and then provides practical application to the higher education…

Full Text Available The paper analyses the official use of international currencies as reserve currency (store of value and anchor currency (unit of account. Examining the role as a reserve currency we note that the US dollar is the main reserve currency even if it recorded a decline given the decrease of the value of the US dollar reserve holdings and the gradual diversification of the currencies used. Since 2010, the euro's share decreased continuously may be due to the Eurozone crisis and the euro's depreciation against the US dollar. Then we show that the US dollar dominates as an anchor currency, though it was temporary abandoned during crisis time, having more than a regional dimension. At the same time, the use of the euro in exchange rate arrangements appears mainly in the regions that have close links with the euro area. Over the last few years, we have witnessed a gentle orientation towards a multimonetary world, especially regarding the use of the international currencies as reserve currency given the diversification of the currencies in which central banks understand to hold international reserves and the increasing share of the nontraditional currencies in total foreign exchange reserves.

Full Text Available The intrinsic factors which cause a key currency to move persistently in one direction are analysed, as well as those phenomena which develop as an endogenous consequence of the process of appreciation or depreciation changing the characteristics and ultimately the direction of the process. The author refers essentially to the relationship of the Mark to the dollar between 1975 and present day, as the axis around which the whole world economy has been revolving. The paper focuses on a stylised succession of causal relationships that can serve as an analytical and conceptual framework for understanding the forces that act on a key currency in periods of widespread fluctuation, without dwelling on the descriptive statistical basis of each assertion.

Randall Collins has introduced a simplified model of emotional dynamics in which emotional energy, heightened and focused by interaction rituals, serves as a common denominator for social exchange: a generic form of currency, except that it is active in a far broader range of social transactions. While the scope of this theory is attractive, the specifics of the model remain unconvincing. After a critical assessment of the currency theory of emotion, a field model of emotion is introduced that adds expressiveness by locating emotional valence within its cognitive context, thereby creating an integrated orientation field. The result is a model which claims less in the way of motivational specificity, but is more satisfactory in modeling the dynamic interaction between cognitive and emotional orientations at both individual and social levels.

Based on long-range dependence, some analysts claim that the exchange rate time series of the pound sterling and of an artificially extended euro have been locked together for years despite daily changes [M. Ausloos, K. Ivanova, Physica A 286 (2000) 353; K. Ivanova, M. Ausloos, False EUR exchange rates vs DKK, CHF, JPY and USD. What is a strong currency? in: H. Takayasu (Ed.), Empirical Sciences in Financial Fluctuations: The Advent of Econophysics, Springer-Verlag, Berlin, 2002, pp. 62-76]. They conclude that pound and euro are in practice the same currency. We assess the long-range dependence over time through Hurst exponents of pound-dollar and extended euro-dollar exchange rates employing three alternative techniques, namely rescaled range analysis, detrended fluctuation analysis, and detrended moving average. We find the result above (which is based on detrended fluctuation analysis) not to be robust to the changing techniques and parameterizing.

Ever since Greece experienced its debt crisis, fiscal discussion has been “Hellenized” — that is, there are constant warnings that other countries, including the United States, are on the verge of a similar crisis. But can countries that borrow in their own currency experience Greek-type crises? I argue, based both on evidence and on simple modeling, that the answer is no.

There has been an unusual accumulation of foreign exchange reserves in recent years. Central banks have to diversify their reserves away from the US dollar, especially towards the euro. The same situation is in a private sector, where investors reduce the share of dollar denominated assets. This process has progressed gradually, but it is possible that the euro’s role as a reserve currency will continue to increase. The purpose of ...

Foreign exchange exposure is defined as the assessment of potential of a firm’s profitability, net cash flow, and market value to change due to unpredictable changes of foreign exchange rates, which can be financially unfavorable to the global firm. This paper discusses the three various types of major foreign exchange exposure which are, translation, transaction, and economic; the risks associated with each exposure, and how to minimize specific currency risks.

Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

The estimated 3.7 million Americans with low vision experience a uniquely difficult task in identifying the denominations of U.S. banknotes because the notes are remarkably uniform in size, color, and general design. The National Research Council's Committee on Currency Features Usable by the Visually Impaired assessed features that could be used by people who are visually disabled to distinguish currency from other documents and to denominate and authenticate banknotes using available technology. Variation of length and height, introduction of large numerals on a uniform, high-contrast background, use of different colors for each of the six denominations printed, and the introduction of overt denomination codes that could lead to development of effective, low-cost devices for examining banknotes were all deemed features available now. Issues affecting performance, including the science of visual and tactile perception, were addressed for these features, as well as for those features requiring additional research and development. In this group the committee included durable tactile features such as those printed with transparent ink, and the production of currency with holes to indicate denomination. Among long-range approaches considered were the development of technologically advanced devices and smart money.

This Report is dealing with virtual currencies – their concept and applications. The report starts with the description of different types of virtual currencies, first Bitcoin, then some other types of crypto currencies, followed by description of virtual currencies that are created by conversion of real–world currencies, and finally, virtual currencies based on different types of non–financial assets. The common characteristic of all types of virtual currencies and applications based on them...

Full Text Available Assessing occupational exposure in retrospective community-based case-control studies is difficult as measured exposure data are very seldom available. The expert assessment method is considered the most accurate way to attribute exposure but it is a time consuming and expensive process and may be seen as subjective, nonreproducible, and nontransparent. In this paper, we describe these problems and outline our solutions as operationalized in a web-based software application (OccIDEAS. The novel aspects of OccIDEAS are combining all steps in the assessment into one software package; enmeshing the process of assessment into the development of questionnaires; selecting the exposure(s of interest; specifying rules for exposure assignment; allowing manual or automatic assessments; ensuring that circumstances in which exposure is possible for an individual are highlighted for review; providing reports to ensure consistency of assessment. Development of this application has the potential to make high-quality occupational assessment more efficient and accessible for epidemiological studies.

Full Text Available Malignant mesothelioma is an uncommon but rapidly fatal disease for which the principal aetiological agent is exposure to asbestos. Mesothelioma is of particular significance in Australia where asbestos use was very widespread from the 1950s until the 1980s. Exposure to asbestos includes occupational exposure associated with working with asbestos or in workplaces where asbestos is used and also ‘take-home’ exposure of family members of asbestos exposed workers. Asbestos exposure may also be nonoccupational, occurring as a consequence of using asbestos products in non-occupational contexts and passive exposure is also possible, such as exposure to asbestos products in the built environment or proximity to an environmental source of exposure, for example an asbestos production plant. The extremely long latency period for this disease makes exposure assessment problematic in the context of a mesothelioma registry. OccIDEAS, a recently developed online tool for retrospective exposure assessment, has been adapted for use in the Australian Mesothelioma Registry (AMR to enable systematic retrospective exposure assessment of consenting cases. Twelve occupational questionnaire modules and one non-occupational module have been developed for the AMR, which form the basis of structured interviews using OccIDEAS, which also stores collected data and provides a framework for generating metrics of exposure.

Full Text Available We modeled the currency networks through the use of REER (real effective exchange rate instead of a bilateral exchange rate in order to overcome the confusion in selecting base currencies. Based on the MST (minimum spanning tree approach and the rolling-window method, we constructed time-varying and correlation-based networks with which we investigate the linkage effects among different currencies. In particular, and as the source of empirical data, we chose the monthly REER data for a set of 61 major currencies during the period from 1994 to 2014. The study demonstrated that obvious linkage effects existed among currency networks and the euro (EUR was confirmed as the predominant world currency. Additionally, we used the rolling-window method to investigate the stability of linkage effects, doing so by calculating the mean correlations and mean distances as well as the normalized tree length and degrees of those currencies. The results showed that financial crises during the study period had a great effect on the currency network’s topology structure and led to more clustered currency networks. Our results suggested that it is more appropriate to estimate the linkage effects among currency networks through the use of REER data.

Full Text Available This paper shows that there is a long-run relationship between the expected rate of depreciation in the black-market-exchange rate and the ratio of domestic to foreign money in Peru: that is, the hypothesis of currency substitution can explain the behavior of real holdings of money in Peru. The paper also shows that, while, the importance of currency substitution as a transmission mechanism through which domestic policies affected the dynamics of inflation was relatively small during a period of high but relatively stable inflation (January 1978-85, it became an important factor in the inflation process during the recent hyperinflation episode. Currency Substitution and Inflation in Peru

The increase of connections between national economies generated an enhance of foreign currency activities, thus being necessary a continous arrangement /adaptation both for foreign currency policy and course policy to market mechanisms/devices. In Romania were registered frequently modifications of foreign currency policy, thank to the need to create a legal frame appropriate to the market economy and the financial tools evolution. In this work I have presented the main features of for...

Since currency market is strongly and rapidly developing then it becomes more attractive area for investments, but, also, economic conditions force almost everyone be more financially educated and ready for changes in economic conditions. Currency is the money we pay for the goods and services in our country, but some of them are importing to our country or expressed in foreign currency values. Unfortunately, nobody can predict exact exchange rate, but there is a possibility to get ready for ...

Corte et al., 2008). Artificial neural networks (self- learning algorithms trained on historical data) show robust exchange rate predictions in midst...original study. Auction theory provides another method of forecasting exchange rates. The international exchange market for currencies acts as an... auction , and the future options on currencies may give insight into forecasting the exchange rate. If there are many traders for the currency, the

Full Text Available The appearance of the currency is part of this development and it is affected directly, where there is exploited in incorrect form by copying the currency in a manner similar to the reality. Therefore, it became necessary to implement a proposal for being a suitable as solution not inconsistent with the different cultures, time and place, to reduce the risk of problem that represented in distinguish between real and fake currency. This clear through add the watermarks inside currency, which is difficult to be copied. At the same time, this watermarks may be visible to the naked eye so can easily inferred or it is invisible. However the high resolution imaging devices can copy these additions. In this research, we have proposed a system to distinguish the currencies by the program that working a submission inferred to the watermark by feature extraction determined the type of currency and its reality. In addition to, the algorithm (k-NN determined category of the currency. Benefit of it, is reducing as much as possible the spread of counterfeit currency and this system can be used by any user wants to make sure of the currency reality. The proposed model applied on 100 banknote, the success rate was 91% and the failure rate was 9%.

Full Text Available Allowing currency substitution in a very high inflation helps to maintain the level of output, as, the distortion of the information carried by prices is mitigated. The total (primary plus secondary money supply may increase if currency substitution is permitted. Currency substitution does not even necessarily reduce the real primary money stock. Moreover, the demand for the primary money fragments at very high rates of inflation, which means that the authorities may loose little when they give up the attempt to obtain inflation tax revenue. Currency substitution need be no more expensive, in term of the real resources it consumes, than is indexation. Finally the availability of a second stable currency may reduce the severity of post-stabilization recessions. The Benefit of Currency Substitution during High Inflation and Stabilization

Have you heard the saying "frustration is written all over your falce"? Well this saying is true, but that is not the only place. Frustration is written all over your face and your body. The human body has various means to communicate an emotion without the utterance of a single word. The Media Equation says that people interact with computers as if they are human: this includes experiencing frustration. This research measures frustration by monitoring human body-based measures such as heart rate, posture, skin temperature. and respiration. The OCC Theory of Emotions is used to separate frustration into different levels or intensities. The results of this study showed that individual intensities of frustration exist, so that task performance is not degraded. Results from this study can be used by usability testers to model how much frustration is needed before task performance measures start to decrease.

Full Text Available Changes of the pore structure of recycled fibers and the strength properties of papers produced by old corrugated container (OCC recycled fibers were studied, after they were subjected to different stock preparation and papermaking processes. In this paper, the effects of beating, sizing, pressing, and drying on fiber properties were investigated, and the porous structure of fibers was analyzed by nitrogen adsorption technique. The results showed that beating, pressing, and other physical processes significantly influenced the fiber properties, whereas the effects of sizing were minor. Significant changes of water retention value (WRV, crystallinity index, and paper strength were observed after those processes. Further, an effort has been made to show relationships between pore structure and macroscopic properties (WRV, crystallinity index of recycled fibers.

... grade credit rating to qualify for the abbreviated registration system. International Banking Activities..., replicable, and well defined; Allow different banking organizations to assign the same assessment of credit... to the Use of External Credit Ratings in the Regulations of the OCC AGENCY: Office of the...

Full Text Available The subject of this paper is theoretical and empirical analysis of potential currency crisis in the Republic of Serbia. The main aim of the paper is quantitative analysis of a set of key indicators (index of exchange market pressure, signal-to-noise ratio, misery index, a measure of openness and the monetary measure of openness of the country that indicate the possibility of a currency crisis. The cyclic character of currency and financial crisis is forcing policymakers to conduct thoughtful exchange rate policy. The aim of this is to prevent the scenario with which the countries of Latin America faced in the late 20th century. Although there is no a significant correlation in terms of international trade transactions between Serbia and the countries of Latin America, we should certainly learn from the experience of these countries. It is necessary to continuously monitor the value of indicators which point to possible distortion. In the paper we use some econometric and statistical tools, such as correlation and regression analysis, to point to the values of indicators which can contribute to early detection of a currency crisis.

Full Text Available Currency-risk-exposure is an issue for Turkish equities, from two different angles: internationaltrade and foreign-portfolio-investment. The likely effect is positive for the former, and negative for the latter aspect. Consequently, the overall or net effect on equity value depends on which of these aspects of currency-risk-exposure has the greater impact. The present empirical analysis estimates currency risk of Turkish equities within a multi-factor regression setting, utilizing the framework of the Security Market Plane (SMP model. The SMP model embodies a conditional relation among three variables: beta, realized excess market-return, and expected excess portfolio-return. The SMP empirical framework is extended to include a currency-risk-factor in the present analysis. The currency-risk-factor is specified as the excess return to holding foreign currency (€; $, relative to holding domestic currency (Turkish Lira. The SMP-related factor is the cross-product term of beta and realized excess market-return (β it rMt . A regression of realized excess portfolio-returns against the corresponding currency-risk-factor and cross product-term (β it rMt finds that the Turkish stocks represented in the analysis generally have overall negative currency-risk-exposure; suggesting that unexpected currency depreciation generally leads to lower values for Turkish stocks (and portfolios of Turkish stocks. Thus, after accounting for the SMP-related interaction-effect between beta and realized excess marketreturn, currency risk is found to command a premium for the Turkish stocks represented in the analysis.

Full Text Available In the knowledge society, when there is a rapidly evolving information technology, the virtual markets, namely the online transactions, have created the premises emergence and development of new technologies of using of finances, namely virtual coin (Bitcoin. Use of this coin appears as an alternative to traditional currencies, but they are not under the control of no body, are devoid of inflation and maintain the anonymity of users. Following the evolution of this new type of coin, we proposed in this paper to present some general aspects of this coin focusing on global controversies on using Bitcoin. We have reviewed several myths that have arisen with the development and penetration of its on market and because it is a volatile coin can generate huge gains but and huge losses, we have studied fluctuation and implications for users and investors and the attraction of the drug dealers and criminals for using virtual currency, Bitcoin. At the end of the paper, based on the analysis we have tried to outline the future of this modern payment system. Thus, we found that lately, in that its value has fluctuated strongly, and increased buyer confidence, but appeared and increased cyber attacks, and the fear that if the state has no a role in protecting citizens from fraud, we can assist at the development of financial schemes extremely dangerous. The financial experts believe that if the world banks would jointly solve all the problems, the virtual money will have a real chance of life.

I decompose the factors contributing to the riskiness of foreign currency borrowers. I compare counterfactual default probabilities of local and foreign currency borrowers estimated on disaggregated data. My results suggest that the currency mismatch with the depreciation of the local currency is the most important factor contributing to the riskiness of foreign currency borrowers, though boom-period excessive risk taking of banks is also concentrated in foreign currency lending.

Conclusion: Study revealed that Iraqi currencies circulating in Duhok city was contaminated with different pathogenic and potential pathogenic bacteria including multi drug resistant strains. So the need to improve health consciousness among people while handling currency is an urgent issue. [Int J Res Med Sci 2015; 3(7.000: 1712-1716

@@ War of Words- "Currency Manipulation" Just on the second day of the new Administration in USA, this on-and-off disputed currency issue was refreshed again with a rich assortment of spicy tastes from a new Secretary of Treasury, Timothy F. Geithner, who was eagerto recapitalize the point in his written response to questions from senators debating his confirmation for the new post.

A stable world currency exchange rate is a very important aspect to be considered for a developed country, i.e Malaysia. A better understanding about the currencies itself is needed nowadays. This project is about to understanding the fluctuation and to identify the most influential world currencies in the three different cases; before credit crisis, during credit crisis and after credit crisis. A network topology approach is use to examine the interrelationship between currencies based on correlation analysis. With this point of view, those relationships can be measured by a correlation structure among the currencies. The network can be analyse by filtering the important information using minimum spanning tree (MST) and interpret it using degree centrality as the centrality measure. This topology will give a useful guide to understand the behaviour and determine the most influential currency in the network as a part of a complex system. All currencies are compared among the three different cases; before credit crisis, during credit crisis and after credit crisis period. The result of this project shows that Unites State Dollar (USD), Brazilian Real (BRL), United Kingdom Pound (EUR) and Danish Krone (DKK) are the most influential currencies before the credit crisis period. With respect to during the credit crisis, New Zealand Dollar (NZD) dominates the network and it is followed by Singapore Dollar (SGD) for after the credit crisis period.

This paper studies how the exposure of a country's corporate sector to interest rate and exchange rate changes affects the probability of a currency crisis.To analyze this question, we present a model that defines currency crisis as situations in which the costs of maintaining a fixed exchange rate

The paper empirically investigates the determinants of currency invoicing in Dutch goods trade with OECD countries. To this end, a currency-share systems approach is employed, which is applied to quarterly panel data for 1987–1998. One of the key findings is that a country’s share of producer curren

... widespread use, Bitcoin (and other virtual currencies) have largely operated without the burden of regulation. Why? Like the potentially transformative innovations that preceded Bitcoin, virtual currency raises unique challenges for which existing legal models may be unprepared. As policymakers struggle to catch-up, the effort to develop a...

This paper studies how the exposure of a country's corporate sector to interest rate and exchange rate changes affects the probability of a currency crisis.To analyze this question, we present a model that defines currency crisis as situations in which the costs of maintaining a fixed exchange rate

Due to basic processes of psychological essentialism and contagion, one particular token of monetary currency is not always interchangeable with another piece of currency of equal economic value. When money loses its physical form it is perceived as "not quite the same" money (i.e., to have partly lost the original essence that distinguished it…

Due to basic processes of psychological essentialism and contagion, one particular token of monetary currency is not always interchangeable with another piece of currency of equal economic value. When money loses its physical form it is perceived as "not quite the same" money (i.e., to have partly lost the original essence that distinguished it…

We study the evolution of investor confidence in 1992-1998 over the chance of individual currencies to converge to the Euro, using data on currency option prices. Convergence risk, which may reflect uncertainty over policy commitment as well as exogenous fundamentals, induces a level of implied vola

We study the evolution of investor confidence in 1992-1998 over the chance of individual currencies to converge to the Euro, using data on currency option prices. Convergence risk, which may reflect uncertainty over policy commitment as well as exogenous fundamentals, induces a level of implied

Full Text Available Customers are increasingly confronting with foreign markets through internet and tourism. Sothey are challenged to evaluate prices in different currencies. They are familiar with theproducts prices but they are engaged in a perceptual process while they are evaluating pricesin different currencies. In this research customer currency perception and the price sensitivityare considered. The customer price sensitivity in different currencies would be measuredthrough a pricing model. Questionnaire was applied as data gathering tool. The resultsshowed customers experience perceptual bias when evaluating prices same in real value anddifferent in nominal value and nominal value affects the customers purchase attitude. Thisbias reflects as the customer price sensitivity is less in low denomination currency. Findingshave important implications for pricing in regional markets, internet market, and also intourism industry for customers and international companies

Full Text Available Customers are increasingly confronting with foreign market through internet and tourism. So they are challenged to evaluate prices in different currencies. They are familiar with the product price but they are engaged in a perceptual process while they are evaluating prices in different currencies. In this research customer currency perception and the price sensitivity is considered. The customer price sensitivity in different currencies would be measured through a pricing model. Questionnaire was applied as data gathering tool. The result showed customers experience perceptual bias when evaluating prices same in real value and different in nominal value and nominal value affects the customer purchase attitude. This bias reflects as the customer price sensitivity is less in low denomination currency. Findings have important implications for pricing in regional markets, internet market and also in tourism industry for customers and international companies.

Full Text Available The Sudan currency crisis in 2012 occurred when the Sudanese pound lost 66 percent of its value against the US dollar. In this article we adopt statistical methods such as the signal approach and econometric methods such as the Probit Model for identifying and evaluating the currency crisis. We utilize some economic indicators that have the ability to predict the crisis. We examined the capability of these indicators in generating an early warning system for Sudan currency crisis. The study confirms that the incidence of currency crisis in Sudan increases by increase in inflation rate, increase in import percentage of GDP, rise in claims against the central government, reduction in external reserves and existence of political crisis. Moreover, the study finds that the most important predictor of currency crisis in Sudan is decline in external reserves.

Full Text Available This analysis presents a theoretical approach of the possible costs related to a national economy which desires to be part of a monetary union. The analysis is made in terms of the classical optimum currency areas theory, which represents the basis of the monetary union process. The objective of this theory was to make a monetary union possible. This theory shows that the countries can obtain net benefits as a result of having a common currency, thus being able to avoid the possible adjustment problems. As a matter of fact, its great merit is that it identified certain properties of the countries being part of a monetary union, these properties representing real alternative tools for losing the independence of the monetary policy

Nowadays, as a growing number of firms strive to conduct their business at international market place, currency risk has increasingly raised concern among financial mangers due to its substantial impact on companies’ financial results. Financial derivative instruments (Forward, Futures, Options, Swaps) are utilized as efficient hedging mechanisms against such an exchange rate exposure. The main objective of this study is to examine whether derivatives play a primary role in mitigating an adve...

Full Text Available The article analyses evolution of the theory of optimal currency zones (OCZ, starting from its classical provisions until moder developments. Based on the critical analysis of classical criteria of OCZ, the article develops a scheme of selection of the currency mode by the Robert Mundell theory. It considers achievements of the alternative OCZ theory, the main provisions of which are shown schematically in the form of illustrations of evolution of the theory of optimal currency zones. In the result of analysis of classical criteria of optimal currency zones and generalisation of developments of the new OCZ theory, the article develops a universal algorithm of identification of optimal conditions for an efficient currency zone. Using this algorithm allows identification of a system of quantitative indicators of expediency of regional joining the OCZ, on the basis of which one can build an economic model of an optimal currency zone, which reflects the degree of readiness of any country to join or develop the OCZ. Development of this model is necessary for many countries that face the need to select the currency integration. This model is of special importance for Ukraine, for which it is important to select the course of external integration, since various directions of foreign policy significantly influence efficiency of the domestic economic policy in the country.

This empirical study of non-financial firms is based on a survey of 186 medium-sized, non-financial Danish firms with operating revenues and/or costs in foreign currency. We find that the involvement of non-finance departments in the management of exchange rate risks has a positive impact...... on currency speculation whether in the form of selective hedging or active speculation. This result adds to the literature and is important given the increasing focus on an integrated perspective on risk management in non-financial firms. We furthermore find and confirm previous studies that currency...

..., foreign currency gain or loss, and gain or loss relating to a non-currency contingency shall be determined... than foreign currency gain or loss) shall be determined and characterized with respect to the instrument. Paragraph (b)(5) of this section describes how foreign currency gain or loss shall be...

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Shares accepted in a foreign currency. 745.7... accepted in a foreign currency. An insured credit union may accept shares denominated in a foreign currency. Shares denominated in a foreign currency will be insured in accordance with this part to the same...

... Clauses 52.225-17 Evaluation of Foreign Currency Offers. As prescribed in 25.1103(c), insert the following provision: Evaluation of Foreign Currency Offers (FEB 2000) If the Government receives offers in more than one currency, the Government will evaluate offers by converting the foreign currency to United...

Full Text Available In this article author discusses various types of violations of currency legislation. Authors analyzed causes of their commission of the Customs Union. On the basis of the study authors pointed out the shortcomings of legislation, proposed some ways of improving the Russian legislation and measures to combat violations in the monetary sphere, but also suggested that the institution of currency regulation and currency control, must contain instruments to stimulate the state's economic interests and the interests of participants foreign economic activity.

Full Text Available Changeover will be a complex phenomenon which depends not only macroeconomic indicators, but also the social reaction, the way the environment social, consumers, unions, the population in general will be able and willing to adapt to the rigors of the euro. Adapting systems to the changeover is a complicated process that should not be underestimated, all businesses need to prepare a project with all the changes resulting from the changeover: what steps should follow the objectives and those responsible. Legislative adjustments represented an important part of the public sector changeover preparations. Conversion to a common currency, the euro, will not only involve economic issues, like the reduction in exchange rate risks and the increase in price transparency , but also a number of business and technical issues. Will be strategic decisions that will fundamentally affect the way an enterprise conducts its affairs,who can change the functionality that is expected from information systems. The impact of euro conversion on retail systems reflects changes on price displays, labels, pack pricing, bar codes,psychologically sensitive price points,weighing scales, the unit pricing directive,the loss of margin on low-unit-price items,consumer information, personnel training,adapting cash registers, scanning systems,cash office management, security, the use of credit cards, and so on. Sales and purchasing price lists will have to be reviewed. The paper structure consists of the following parts: â€¢Convergence Methods â€¢The Changeover and the Public Sector â€¢The cash changeover â€¢The five main reasons why the euro is still a strong currency The methodology for conducting research involves analysis of the accounting measures adopted by other Member States of the Economic Monetary Union in the pre-stage and after accession, generated, especially by the changes. The research results will have a particular importance for the economic

@@ What is exactly on behind the currency war that greatly makes the headlines of world media coverage?A race for exchange rates or trade protectionism?Rebalance of the world economy or internationalization of the US internal politics?

Pegging the RMB exchange rate to the Asian currency unit (ACU) has not, at least in the short term, been proved a better solution than pegging to the US dollar or pegging to a G-3 (US$, Japaneseyen and euro) currency basket. Although the Asian currency unit can help Asian economies to keep the relative price of regional currencies stable, the cost of joining a formal regional monetary cooperation is the relinquishment of the autonomy of their domestic policies. Asian monetary cooperation needs to provide more potential benefits if it is to attract Asian economies. We argue that Asian monetary cooperation should be designed to solve the problem of regional trade imbalance, and regional exchange rate policy coordination should be adopted as the first step towards exchange rate cooperation.

Full Text Available Whether an undervalued currency is an attainable industrial policy for developing countries’ sustained development has recently invoked many discussions. This paper studies the case of Taiwan after first determining the misalignment of Taiwan’s currency by estimating the fundamental equilibrium real exchange rate. Three sub-periods for Taiwan’s currency exchange rate misalignment are identified: undervaluation in the periods 1981-1986 and 1998- 2008 and overvaluation during 1987-1997. Second, we use a vector autoregression (VAR model to examine the Granger causality between exchange rate misalignment and GDP, by incorporating export and investment variables. The evidence shows that exchange rate misalignment does Granger cause GDP and it mainly comes from the third sub-period when the Taiwan dollar was undervalued. From past experience and the current economic doldrums of the last resort of global exports - the United States - currency undervaluation is not a validated strategy upon which emerging markets can wishfully impinge.

Full Text Available Bond markets have not been well developed in emerging countries. Realizing its important role, especially after the 1997 crises and the islamic economics development, emerging countries have started to develop such markets. This research examines the effect of interest rates and currencies on Islamic and conventional bonds in Bursa Malaysia. The analysis on Islamic bonds shows that interest rates and currencies do not influence Islamic bonds, which supports the prohibition of interest in Islam. The analysis on conventional bonds finds evidence that both interest rates and currencies affect conventional bond. It also finds evidence of a negative association between interest rates and a conventional bond. Keywords: Interest rate, currency, conventional bond, Islamic bond JEL classification numbers: G11, G12, G15

Bitcoin is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a Bitcoin investment from the standpoint of a U.S. investor with a diversified portfolio including both traditional assets (worldwide stocks, bonds, hard currencies) and alternative investments (commodities, hedge funds, real estate). Bitcoin investment has highly distinctive features, including exceptionally high average return and volatility. Its correlation with other assets is remarkably low. Span...

Diversification is widely practiced by investors seeking to reduce risk. In recent years investors have been turning to foreign markets to obtain even greater scope for diversification than domestic markets offer. With the internationalization of security portfolios, however, also comes an additional risk-foreign exchange risk. ; The use of currency derivatives in internationally diversified portfolios can help mitigate foreign exchange risk. This article investigates the impact of currency h...

Full Text Available The Sharpe Ratio offers an excellent summary of the excess return required per unit of risk invested. This work presents an adaptation of the ex-ante Sharpe Ratio for currencies where we consider a random walk approach for the currency behavior and implied volatility as a proxy for market expectations of future realized volatility. The outcome of the proposed measure seems to gauge some information on the expected required return attached to the “peso problem”.

Bitcoin, a peculiar crypto-currency has been the loudest buzzword in global finance over the last year or so, both for its spectacular and seemingly robust appreciation trend as well as for more recent equally ostentatious demise. After reviewing the history of bitcoin and specificities of its cyber-construct, this paper adds to the critical analysis of bitcoin as an international currency alternative. Lately, its volatility has been so excessive that it arguably cannot serve as a store of va...

Bitcoin is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a Bitcoin investment from the standpoint of a U.S. investor with a diversified portfolio including both traditional assets (worldwide stocks, bonds, hard currencies) and alternative investments (commodities, hedge funds, real estate). Bitcoin investment has highly distinctive features, including exceptionally high average return and volatility. Its correlation with other assets is remarkably low. Span...

Bitcoin is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a Bitcoin investment from the standpoint of a U.S. investor with a diversified portfolio including both traditional assets (worldwide stocks, bonds, hard currencies) and alternative investments (commodities, hedge funds, real estate). Over the period under consideration, Bitcoin investment had highly distinctive features, including exceptionally high average return and volatility. Its correlation with...

Funding conditions in global money markets have tightened since August 2007. In various currency-denominated money markets, term funding rates have come under upward pressure because of heightened concerns about counterparty credit and liquidity risks. Although the magnitude of upward pressure on interbank rates has differed across markets, the direction of its movements has followed a similar pattern. In this Review, using a vector autoregression model, we analyze the cross-currency transmis...

Here, the “Chinese currency area” refers to currency-operational areas or scope where Chinese currency circulates as a single currency. Although the scale and aggregate size of the economies of the Chinese mainland, Taiwan, Hong Kong and Macao differ sharply, their per capita GDPs do not differ as much. This indicates that currency unification in these areas is in some sense feasible.

The US dollar has been volatile and falling again and again in recent decades as well as recent years, and for many observers, it is going to be broken sooner or later. The central importance of the dollar is due to the fact that it is not just a currency for the US. Over half of all dollar bills in circulation are held outside of the US borders, and almost half of the US Treasury bonds are held as reserves by foreign central banks. The US dollar is supposed to be the anchor that stabilizes t...

Full Text Available Creation of a monetary union in any region, regardless of the structure and level of development among countries, carries along certain costs and benefits. This paper explains Mundell’s concept of Optimum Currency Area and criteria that are needed to achieve it. Viewed through the prism of these criteria the EMU is currently far from achieving the OCA confirming the current crisis in Greece and other PIIGS countries. The example of Greece and shortcomings that contributed to its current crisis represents the biggest cost and a break-even point for the future of the monetary union. However, it is encouraging that Greece is not alone in its problems, since various funds for help have been established in a relatively short period of time. The reason for this is certainly a huge cost if any country should leave the union and the spillover effect that it would cause. Certainly serious transformations can be expected and the result should be a stronger union with better control from supra-national level.

Full Text Available The main goal of this paper is to analyse and distinguish the main components of the theory of an ‘Optimum Currency Area’. The theory of an optimum currency area indicates some essential elements as preconditions for the successful introduction of a common currency: high mobility of labour, openness of the economy defined as a high proportion of tradable to non-tradable goods, and high diversification of domestic production before joining the union. The article’s analysis helps to better understanding the reasons of the current crisis in the euro zone. The main problem with a common currency area is the adjustment to imbalances, which cannot take place through exchange rates in conditions of a common currency. The missing elements of the theory are the role of the mobility of capital to correct interregional balance of payments disequilibria and lack of a common budget with sufficient own resources during the occurrence of debt crises in member countries. The theory of an optimum currency area has noticed the importance of coordination between fiscal and monetary policy and the necessity of redistribution of resources among partners. However, it does not say much about the methods applied, how to deal with debt crises and what the cost of a potential breaking up of monetary union would be.

... Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY GOVERNMENT SECURITIES SALES PRACTICES § 13.3 Business conduct. A bank that is a government securities broker or dealer shall observe high... government securities broker or dealer....

It is well known that United States paper currency in general circulation is contaminated with trace amounts of illicit substances such as cocaine, heroin and marijuana. As is the case with cocaine, differentiating "background levels" of the various cannabinoid constituents of Cannabis sativa L., namely, Delta(9)-tetrahydrocannabinol (THC), cannabinol (CBN), and cannabidiol (CBD) contaminating currency found in the general circulation from currency associated with illegal drug activity is imperative if a legal nexus is to be established with the latter. We analyzed 165 randomly collected paper currency notes from 12 U.S. cities (N = 125) and 4 foreign countries (N = 40) for THC, CBD, CBN, 11-nor-9-carboxy-Delta(9)-tetrahydrocannabinol, and 11-hydroxy-Delta(9)-tetrahydrocannabinol. Uncirculated US 1 dollar notes were added as negative controls. Drug residues were washed from individual bills, extracted using a liquid-liquid extraction protocol, derivatized, and quantitated by gas chromatography-mass spectrometry by selected ion monitoring. For the US 1 dollar currency, THC was present in 1.6% (2 notes), CBN 10.31% (13 notes), CBD 1.6% (2 notes). The following concentrations were determined: 0.085 microg/bill and 0.146 microg/bill for THC; 0.014-0.774 microg/bill (mean 0.166 microg/bill) for CBN; and 0.032 microg/bill and 0.086 microg/bill for CBD. For the foreign currency (Colombia, Qatar, India, and New Zealand), THC and CBN were present in 22.5% (9 notes). The following concentration ranges were determined: THC 0.026-0.065 microg/bill (mean 0.049 microg/bill), CBN 0.061-0.197 microg/bill (mean 0.115 microg/bill). All of the positive THC and CBN were found in the New Zealand polypropylene notes. This study demonstrated that marijuana (cannabinoids) may contaminate both paper and plastic currency.

Full Text Available Background: Fomites are nonliving objects that are capable of imbibing, harboring and spreading infectious microorganisms. Currency notes and coins, as exchangeable fomite, are constantly subjected to contamination. The objective of this study was to determine microbial and parasitic contamination of Pakistani currency thus highlighting the potential of money for spreading pathogens in the Pakistani community. Methods: In the present study, a total of 81 Pakistani currency notes and coins in circulation were randomly collected from different shopkeepers, vendors, canteen owners and restaurant cashiers in Lahore and analyzed for parasitological, fungal, aerobic and anaerobic microbial analyses by using various microbiological techniques. Results: The study revealed 92.5% of Pakistani currency to be contaminated with pathological microorganisms. Potential pathogens such as Staphylococcus spp. (48.05%, Streptococuss spp. (3.89%, Micrococcus spp. (5.19%, Bacillus subtilis (11.68%, Corynebacterium spp. (7.79%, Cronobacter sakazakii (2.59%, Burkholderia cepacia (1.29%, Klebsiella pneumoniae (2.59%, Serretia rubideae (1.29%, Bacteriodes spp. (34.46% and Yeast and Mold (3.89 % respectively were isolated. The parasitological analysis of the currency evinces 13.58% of the samples with parasitic ova and cysts. Predominant ova and cysts of Entamoeba histolytica & Giardia lamblia were identified. Conclusion: This study indicates that currency notes and coins are excellent fomites that can harbor the microorganisms very well. The current analyses points out towards the unhygienic practices of the people spending money in the form of currency notes and coins. Launching effective and frequent awareness campaigns in the society can help to stop the spread of microorganisms to a greater extent.

Full Text Available BACKGROUND : Paper currency notes which are transferred from one individual to other are known to carry micro - organisms on their surface. Currency contaminated by microbes might also act as fomite , playing an important role in the transmission of microorganisms. The handling of contaminated currency may lead to severe infections. AIM: To isolate and identify microorganisms contaminating Indian Currency Notes . METHODS : 180 Indian currency notes including each of INR. (Indian rupee 5 , INR.10 , INR.20 , INR.50 , INR.100 an d INR.500 denominations , were collected from peoples of various social strata from different parts of Bhopal. Sterile cotton swab dipped in 1% peptone water was used for taking swab samples which were inoculated in BHI broth. After that , cultured broth was subcultured on simple and selective media subsequently. On the basis of Gram reaction , colony morphology and standard biochemical reactions , the isolates were identified upto species level. 2 RESULTS : Among the total 180 Indian currency notes 169 (93.89% were contaminated, both with pathogenic and non - pathogenic organisms. From the 312 isolates twelve different types of microorganisms were obtained viz., Bacillus spps (149, S. aureus (53, CONS (Coagulase negative staphylococcus (27, Micrococcus (31, E .coli (22, Klebsiella spps (8, Pseudomonas aeruginosa (5, Proteus mirabilis ( 4, Nonfermentors (5, Candida spps (3, Acinetobacter (3 & Enterococcus (2. Out of 312 total isolates 74 (23.72% , 92 (29.49% & 146 (46.79% isolates were isolated from Good (new and clean , Average (soiled & Poor (tattered and dirty condition notes respectively. CONCLUSIONS : From the present study it was concluded that Indian currency notes are commonly contaminated by pathogenic and non - pathogenic organisms that repre sents risks and public health hazards to the individuals and community as a whole

During the second quarter of the study the authors examined the conditions necessary for repulping a mixture of wax-coated boards that would be conducive to the flotation of detached wax. Also important for the economic viability of a waxed-board repulping process is adequate defibering of the recovered paper. Several methods for the dewaxing of pulped waxed-boards were investigated. The authors have continued to survey the literature to determine what other efforts are being made to ameliorate the impact of waxed boards during the recycling of OCC.

A large collection of daily time series for 60 world currencies' exchange rates is considered. The correlation matrices are calculated and the corresponding Minimal Spanning Tree (MST) graphs are constructed for each of those currencies used as reference for the remaining ones. It is shown that multiplicity of the MST graphs' nodes to a good approximation develops a power like, scale free distribution with the scaling exponent similar as for several other complex systems studied so far. Furthermore, quantitative arguments in favor of the hierarchical organization of the world currency exchange network are provided by relating the structure of the above MST graphs and their scaling exponents to those that are derived from an exactly solvable hierarchical network model. A special status of the USD during the period considered can be attributed to some departures of the MST features, when this currency (or some other tied to it) is used as reference, from characteristics typical to such a hierarchical clustering of nodes towards those that correspond to the random graphs. Even though in general the basic structure of the MST is robust with respect to changing the reference currency some trace of a systematic transition from somewhat dispersed - like the USD case - towards more compact MST topology can be observed when correlations increase.

Full Text Available A vending machine is a coin-operated, automatic device which dispenses items such as snacks, beverages, lottery tickets, consumer products and even gold and gems to customers automatically, after the customer inserts currency or credit into the machine. These are more accessible and practical than the convention purchasing method. It is for the reason that vending machines provide us for our necessities almost instantly and with high quality, that people consider it as a very much reliable choice. In this paper a new approach is proposed to design a Vending Machine with automatic currency change or exchange multi select feature using which user can get a change of its currency or can exchange its currency to other available currency options. The machine also supports a cancel feature which means that the user can withdraw the request and the money will be returned back to him. This machine can be used at various places like Hotels, Restaurants, Stations and shopping centers. This reduces the time and cost. The proposed model is implemented using FPGA, the simulation results and circuit parameters are also presented.

To examine whether the recent price patterns and transaction costs of Bitcoin represent a general characteristic of decentralized virtual currencies, we analyze virtual currencies in online games that have been voluntarily managed by individuals since 1990s. We find that matured game currencies have price stability similar to that of small size equities or gold, and their transaction costs are sometimes lower than real currencies. Assuming that virtual currencies with a longer history can provide an estimate for Bitcoin's prospects, we project that Bitcoin will be less influenced by speculative trades and become a low cost alternative to real currencies.

Full Text Available This paper investigates the effects of different factors influencing on supplement of currency in Iran and the likelihood of currency crises. The study implements two methods of Logit and Probit to determine the likelihood of currency crises based on the historical data over the period 1989-2012. In this study, currency crisis is defined in terms of three variables of currency change on market, interest rate and central bank foreign deposits. The results of the study indicate that the ratio of government (non-government liabilities to central bank/Growth domestic product (GDP has positive (negative relationship with currency crises.

Full Text Available In this article, we intend to indentify the impact of the currency rate of exchange variation of the two main currencies which represent Romania’s foreign currency reserve and the stress test it submits the latter. Up to the present moment there not established a cause-effect relationship or correlation between the foreign currency exchage rate was variation and the foreign currency reserve. In this respect we used an econometrics model based on cointegration analysis of the three series of data corresponding to the period of time 31.01.1995-31.06.2006 (the EURO exchange rate, the USD exchange rate and the foreign currency reserve.

To examine whether the recent price patterns and transaction costs of Bitcoin represent a general characteristic of decentralized virtual currencies, we analyze virtual currencies in online games that have been voluntarily managed by individuals since 1990s. We find that matured game currencies have price stability similar to that of small size equities or gold, and their transaction costs are sometimes lower than real currencies. Assuming that virtual currencies with a longer history can provide an estimate for Bitcoin’s prospects, we project that Bitcoin will be less influenced by speculative trades and become a low cost alternative to real currencies. PMID:25919027

Full Text Available To examine whether the recent price patterns and transaction costs of Bitcoin represent a general characteristic of decentralized virtual currencies, we analyze virtual currencies in online games that have been voluntarily managed by individuals since 1990s. We find that matured game currencies have price stability similar to that of small size equities or gold, and their transaction costs are sometimes lower than real currencies. Assuming that virtual currencies with a longer history can provide an estimate for Bitcoin's prospects, we project that Bitcoin will be less influenced by speculative trades and become a low cost alternative to real currencies.

Full Text Available This study is conducted to see the effect of the company's firm size, growth opportunities, leverage and liquidity on the decision of hedging with foreign currency derivative instruments on manufacturing companies listed on the Indonesian Stock Exchange (BEI period 2012-2015. The Data that is used on this study is a set of data panel with purposive sampling method, and the criteria for the sample is: (1 manufacturing companies listed on the Stock Exchange period 2012 to 2015, (2 manufacturing companies that has transaction exposure ( liabilities and / or assets denominated in foreign currency, (3 manufacturing companies that has the data is needed for this study. The total sample of this study is 106 companies or 424 observation within 4 years. The Data analysis technique that is used on this study is logistic regression with z-statistic as hypotheses testing to test the regression coefficient with an alpha of 5%. The study result shows that firm size, growth opportunities and liquidity positively and Significantly Affect the decision of hedging with foreign currency derivative instruments, while leverage negatively and insignificantly Affect the decision of hedging with foreign currency derivative instruments.

Full Text Available The article deals with the problem caused by the crisis of the Jamaican currency system, namely, with the search for new forms of money that can replace dollars in international transactions. Alternative currency as the best global option has been searched both by national governments and international organisations, as well as the world’s leading scientists. All current studies, and our research, are based on historical definition of the nature, forms and other aspects of money. The theoretical principles that have been studied helped confirm our hypotheses about the existence of absolutely new forms of money, including electronic. In this study, we proved that there are all necessary prerequisites for existence of electronic money as a new global currency. The key risks and possible directions of their neutralising were analysed. This allowed reviewing the hypothesis of introduction of fiduciary electronic money, studying historical facts of their existence and substantiating their implementation

In this paper, we investigate the fractal scaling behaviors of foreign currency exchange rates with respect to Malaysian currency, Ringgit Malaysia. These time series are examined piecewise before and after the currency control imposed in 1st September 1998 using the monofractal model based on fractional Brownian motion. The global Hurst exponents are determined using the R/ S analysis, the detrended fluctuation analysis and the method of second moment using the correlation coefficients. The limitation of these monofractal analyses is discussed. The usual multifractal analysis reveals that there exists a wide range of Hurst exponents in each of the time series. A new method of modelling the multifractal time series based on multifractional Brownian motion with time-varying Hurst exponents is studied.

Many studies have shown that there are good reasons to claim very low predictability of currency returns; nevertheless, the deviations from true randomness exist which have potential predictive and prognostic power [J. James, Simple trend-following strategies in currency trading, Quantitative finance 3 (2003) C75-C77]. We analyze the local trends which are of the main focus of the technical analysis. In this article we introduced various statistical quantities examining role of single temporal discretized trend or multitude of grouped trends corresponding to different time delays. Our specific analysis based predominantly on Euro-dollar currency pair data at the one minute frequency suggests the importance of cumulative nonrandom effect of trends on the potential forecasting performance.

Full Text Available In this paper the trends of exchange rates for the foreign currency are studied yearly for Pakistan rupee. In 2000 State bank of Pakistan officially floated the rupee. In this studies the trends of the exchange rate before floating and after floating and then checks its impact on the GDP per capita of the country. Here we consider the daily data of exchange rates of Pakistani currency from 1995 to 2009. Data was analyzed from 1995 to 2000 in the first step. In the second step data from 2001 to 2009 was analyzed. The result shows that if one wants to fl oat currency he must keep in mind that the political condition or stable and that the economy is also stable so that the system of fl oat can perform its functions completely.

Full Text Available In this paper we provide a brief discourse on the theory of optimum currency areas to serve as a basis for constructive criticism of the conceptual framework of the eurozone. With particular reference to the Greek economic crisis, we argue that the very architecture of the EU experiment involving the single currency was inherently flawed from the outset in so far as political pressures to speed up the process towards a politically unified Europe has resulted in what is perceived as the worst economic impasse in the history of modern capitalism.

Full Text Available This article presents one of the new elements of virtual reality, which is the Bitcoin cryptocurrency. This thesis focuses on the condition and perspectives on development of the trading function of this instrument. The authors discuss the legal aspects of functioning of the Bitcoin, conduct a SWOT analysis of this cryptocurrency as a medium of exchange, and examin the scale of use of Bitcoin in transaction purposes. As of March 1, 2014 the trading system gradually develops and the strengths of this cryptographic currency outweigh its weaknesses, but the future of Bitcoin as a medium of exchange is difficult to determine.

Full Text Available In recent years, most countries in Central and Eastern Europe, Member States of the EU, that we selected for the analysis (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania have recorded a significant expansion of lending in foreign currency, which was one of the major factors of the accelerated growth of loans to economy. Such developments have led to an increase of indebtedness in foreign currency of the non-financial private sector, especially of the households and of the accumulation of major macroeconomics and financial imbalances. The issue of lending in foreign currency, the determinants of increasing the share of loans in foreign currency and the risks generated at the level of financial stability are the subject of numerous studies, including: Basso, Calvo-Gonzales and Jurgilas (2007; Rosenberg and Tirpak (2008; CsajbÃƒÂ³k-Andras et al. (2010; Zettelmeyer, Nagy and Jeffrey (2010. Another significant issue addressed in the specialized literature regarding foreign currency loans refers to the role of monetary policy in limiting growth of these loans. Thus, in addition to those noted studies we remark other studies, such as: Kiss et al. (2006; Sirtaine and Skamnelos (2007; Hilbers et al. (2006; Brzoza-Brzezina et al. (2010. Our paper complements the specialized literature on the approached subject, in particular, by highlighting and discussing current issues of high interest for policymakers, both at national and European level regarding lending in foreign currency. The extremely negative implications of lending in foreign currency on financial stability in most countries under review, outlined clearly in the context of the current crisis, determined the focus of the policymakers concern, both at European and national level, regarding the issue of foreign currency loans, which became one of the most discussed issues on the agenda of the monetary-financial authorities. The aim of our research is to

... Currency and Foreign Transactions AGENCY: Securities and Exchange Commission. ACTION: Final rule; technical... within the rule to the implementing regulations of the Currency and Foreign Transactions Reporting Act...

Our paper examines the impact of currency risk on investments made by a Euro based investor in European countries in normal versus turbulent times. We use unhedged and hedged stock market returns to see whether the performance of portfolios made up of stocks from developed markets could be enhanced by including stocks from emerging markets and hedging currency risk. The contribution of currency risk is highly fluctuating, but generally positive, indicating that currency risk adds to the local...

Virtual currencies have been well-cited and well-discussed in the near past. Due to the loss of trust in the banking sector and the fear of loss of capital, low interest rates and uncertainty of existing currencies, the ground for a virtual currency was given. Virtual currencies and the money flows are controlled only online by the anonymous group of volunteers (also called peer); every single transaction is documented. Approximately 10,000 businesses worldwide accept payments with virtual cu...

... reporting of currency and foreign transactions. 240.17a-8 Section 240.17a-8 Commodity and Securities... currency and foreign transactions. Every registered broker or dealer who is subject to the requirements of the Currency and Foreign Transactions Reporting Act of 1970 shall comply with the...

... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Payment of income tax in foreign currency. 301....6316-1 Payment of income tax in foreign currency. Subject to the provisions of §§ 301.6316-3 to 301... citizen of the United States in nonconvertible foreign currency may be paid in such currency— (a) For...

... General Instructions As to Financial Statements § 210.3-20 Currency for financial statements of foreign... the financial statements of a foreign private issuer are stated in a currency of a country that has... 17 Commodity and Securities Exchanges 2 2010-04-01 2010-04-01 false Currency for...

... reporting of currency and foreign transactions by registered government securities brokers and dealers. 405... reporting of currency and foreign transactions by registered government securities brokers and dealers... Currency and Foreign Transactions Reporting Act of 1970 shall comply with the reporting, recordkeeping...

... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Refunds and credits in foreign currency. 301....6316-8 Refunds and credits in foreign currency. (a) Refunds. The refund of any overpayment of tax which has been paid under section 6316 in foreign currency may, in the discretion of the Commissioner,...

... Provisions § 301.6316-3 Allocation of tax attributable to foreign currency. (a) Adjusted gross income ratio. The portion of the tax which is attributable to amounts received in nonconvertible foreign currency shall, for purposes of applying § 301.6316-1 to the currency of each foreign country, be the amount...

... declared to the world, "the dollar is our currency but your problem."2 The dollar and the international monetary system have been inextricably intertwined. The Bretton Woods system was created by the United States after World War II and reflects American domination. Dollar hegemony has been part and parcel of American eco...

The increased use of financial derivatives like interest rate and currency swap contracts has drawn much attention, as it exposes banks to non-performance by their counterparts. This credit risk exposure is of great concern to monetary authorities, e.g. the Bank for International Settlements. Ln

Based on survey data from 193 banks in 20 countries we provide the first bank-level analysis of the determinants of foreign currency (FX) lending in Emerging Europe. We find that FX lending by all banks, regardless of their ownership structure, is strongly determined by the macroeconomic environment

How do monetary institutions, such as currencies and central banks, interrelate to the construction of national communities? Using the national conflict between the Danish state and the Duchies of Schleswig-Holstein in the nineteenth century as an exemplary case, this article demonstrates how bot...

This empirical study of non-financial firms is based on a survey of 186 medium-sized, non-financial Danish firms with operating revenues and/or costs in foreign currency. We find that the involvement of non-finance departments in the management of exchange rate risks has a positive impact...

Numerical and monetary judgments of currency were examined using two tasks-a monetary value task (which coin has a higher monetary value), and a numerical value task (which coin has a higher numerical value). In Experiment 1 participants were presented with pictures of coins of the Israeli currency. The Israeli currency is the shekel, which is composed of 100 agorot (equivalent to a dollar composed of 100 cents). Higher discriminability between shekels compared to agorot due to importance in everyday life was reflected in faster monetary comparisons of shekel pairs compared to agorot pairs. Automatic processing of numerical value was demonstrated for monetary judgments. When presented with pairs composed of one coin from each monetary category, responses were faster to pairs that were monetary-numerical congruent (e.g., 10 shekels vs. 5 agorot) compared to incongruent (e.g., 5 shekels vs. 10 agorot). Numerical value judgments were unaffected by such congruency. There was evidence for the automatic activation of physical size mainly in the numerical task. A similar picture was obtained in Experiment 2 where instead of pictures of coins we used verbal descriptions of currency, demonstrating the generality of our results.

textabstractThe Redes de Trueque (RT) thrived during the economic crisis of 2001 – 2002 in Argentina and still stand out as one of the largest Complementary Currency System in the world. These local exchange networks reach a large scale during times of severe economic distress, but as large non-stat

textabstractEveryone is talking about China’s currency, it seems. Amidst months of building tension, there is an apparent consensus among most economists, the financial press, and leading economic policy makers in the West that the renminbi is hugely undervalued, making China’s exports unfairly comp

In this article, we examine the use of a new binary integer programming (BIP) model to detect arbitrage opportunities in currency exchanges. This model showcases an excellent application of mathematics to the real world. The concepts involved are easily accessible to undergraduate students with basic knowledge in Operations Research. Through this…

Full Text Available Foreign exchange market is the largest and the most important one in the world. Foreign exchange transaction is the simultaneous selling of one currency and buying of another currency. It is essential for currency trading in the international market. In this paper, we have investigated Artificial Neural Networks based prediction modelling of foreign exchange rates using five different training algorithms. The model was trained using historical data to predict four foreign currency exchange rates against Indian Rupee. The forecasting performance of the proposed system is evaluated by using statistical metric and compared. From the results, it is confirmed that the new approach provided an improve technique to forecast foreign exchange rate. It is also an effective tool and significantly close prediction can be made using simple structure. Among the five models, Levenberg-Marquardt based model outperforms than other models and attains comparable results. It also demonstrates the power of the proposed approach and produces more accurate prediction. In conclusion, the proposed scheme can improve the forecasting performance significantly when measured on three commonly used metrics.

The increased use of financial derivatives like interest rate and currency swap contracts has drawn much attention, as it exposes banks to non-performance by their counterparts. This credit risk exposure is of great concern to monetary authorities, e.g. the Bank for International Settlements. Ln thi

Existing research on the hedging effectiveness of currency futures assumes that futures positions are continuously adjusted. This is an unrealistic assumption in practice. In this paper we study the hedging effectiveness for futures positions which are not adjusted during the hedge period. For this

Paper currency by its very nature is frequently transferred from one person to another and represents an important medium for human contact with-and potential exchange of-microbes. In this pilot study, we swabbed circulating $1 bills obtained from a New York City bank in February (Winter) and June (Summer) 2013 and used shotgun metagenomic sequencing to profile the communities found on their surface. Using basic culture conditions, we also tested whether viable microbes could be recovered from bills. Shotgun metagenomics identified eukaryotes as the most abundant sequences on money, followed by bacteria, viruses and archaea. Eukaryotic assemblages were dominated by human, other metazoan and fungal taxa. The currency investigated harbored a diverse microbial population that was dominated by human skin and oral commensals, including Propionibacterium acnes, Staphylococcus epidermidis and Micrococcus luteus. Other taxa detected not associated with humans included Lactococcus lactis and Streptococcus thermophilus, microbes typically associated with dairy production and fermentation. Culturing results indicated that viable microbes can be isolated from paper currency. We conducted the first metagenomic characterization of the surface of paper money in the United States, establishing a baseline for microbes found on $1 bills circulating in New York City. Our results suggest that money amalgamates DNA from sources inhabiting the human microbiome, food, and other environmental inputs, some of which can be recovered as viable organisms. These monetary communities may be maintained through contact with human skin, and DNA obtained from money may provide a record of human behavior and health. Understanding these microbial profiles is especially relevant to public health as money could potentially mediate interpersonal transfer of microbes.

Bitcoins have emerged as a possible competitor to usual currencies, but other crypto-currencies have likewise appeared as competitors to the Bitcoin currency. The expanding market of crypto-currencies now involves capital equivalent to $10^{10}$ US Dollars, providing academia with an unusual opportunity to study the emergence of value. Here we show that the Bitcoin currency in itself is not special, but may rather be understood as the contemporary dominating crypto-currency that may well be replaced by other currencies. We suggest that perception of value in a social system is generated by a voter-like dynamics, where fashions form and disperse even in the case where information is only exchanged on a pairwise basis between agents.

Full Text Available The idea of a common currency underlying our choice behaviour has played an important role in sciences of behaviour, from neurobiology to psychology and economics. However, while it has been mainly investigated in terms of values, with a common scale on which goods would be evaluated and compared, the question of a common scale for subjective probabilities and confidence in particular has received only little empirical investigation so far. The present study extends previous work addressing this question, by showing that confidence can be compared across visual and auditory decisions, with the same precision as for the comparison of two trials within the same task. We discuss the possibility that confidence could serve as a common currency when describing our choices to ourselves and to others.

Full Text Available The foreign currency exchange market is the highest and most liquid of the financial markets, with an estimated $1 trillion traded every day. Foreign exchange rates are the most important economic indices in the international financial markets. The prediction of them poses many theoretical and experimental challenges. This paper reports empirical proof that a neural network model is applicable to the prediction of foreign exchange rates. The exchange rates between Indian Rupee and four other major currencies, Pound Sterling, US Dollar, Euro and Japanese Yen are forecast by the trained neural networks. The neural network was trained by three different learning algorithms using historical data to find the suitable algorithm for prediction. The forecasting performance of the proposed system is evaluated using three statistical metrics and compared. The results presented here demonstrate that significantly close prediction can be made without extensive knowledge of market data.

Full Text Available The main objective of this paper is to measure the currency misalignment of the Croatian kuna and to reveal whether it affects economic growth for the period 2001 (Q1 to 2013 (Q3. The estimate relies on recent cointegration techniques, VAR models and Granger causality tests. The findings show that there are two misalignment sub-periods for the Croatian kuna: undervaluation in the period from 2000Q1 to 2007Q4 and overvaluation in the period from 2008Q1 to 2013Q3. The evidence reveals that for the whole sample period, the Granger causality goes from misalignments (MISA to GDP growth under the 10 percent significance level. However, for the two sub-periods no evidence of Granger causality from MISA to GDP growth or vice versa is found. The research also reveals that the currency misalignments in the observed period are relatively small.

Korean diplomats.15 Counterfeiting of foreign currency is apparently a phenomenon that is not new to the government of North Korea . Seoul’s War...Adventurism: North Korea’s Military-Diplomatic Campaigns,” Korean Journal of Defense Analysis, Vol. XVI, No.2, Fall 2004. Note that the term “Soprano State... Korean National Intelligence Service (NIS) Report to the effect that North Korea forges and circulates U.S. $100 banknotes worth $15 million a year

This paper examines the mutually reinforcing interactions between exchange rate dynamics and technical trading strategies. I first show that technical trading systems have been quite profitable during the floating rate period. This profitability stems from the successful exploitation of exchange-rate trends and not from taking winning positions relatively frequently. I then show that technical models exert an excess demand pressure on currency markets. When these models produce trading signal...

Full Text Available The exchange rate has direct impact on economy of any state. Without competent management, it is impossible to achieve successful functioning of national economy, which causes the need of studying of the matter. Fluctuations of an exchange rate depend on market condition. Therefore, the exchange rate is under influence of a condition of the balance of payments, a difference of interest rates in various countries, extent of use of currency in international payments, speculative currency transactions and activity of the currency markets, inflation and many others, considered in this article. Possible consequences of their influence on exchange rate are specified, examples are given. Dependence of growth of the money supply, the monetary base and inflation in Russia is reflected. The analysis of economic aspects on which exchange rate renders direct influence, namely, foreign trade, capital streams, interest rates, business development, purchasing power of the population, growth of economy is carried out. The assessment of an exchange rate of the Russian Federation is carried out. The following factors have the greatest impact on it: floating rate of ruble, increase of a rate of refinancing, oil depreciation, and lack of possibility of refinancing of external debts. Measures for stabilization of ruble, among which fixation of currency positions of banks, increase of control of target use of earlier issued credits, differentiation of speculative operations from the others, introduction of a tax of Tobin and introduction of indispensable conditions of sale of a certain part of revenue are offered. Realization of these measures will have positive impact on stabilization of ruble exchange rate and an economic situation of Russia in general

The main goal of this thesis was to develop an automated trading system for Forex trading, which would use machine learning methods and their prediction models for deciding about trading actions. A training data set was obtained from exchange rates and values of technical indicators, which describe conditions on currency market. We estimated selected machine learning algorithms and their parameters with validation with sampling. We have prepared a set of automated trading systems with various...

Full Text Available The common currency was created as a result of theoreti cal considerati ons regarding the functi oning of opti mum currency areas. This theory refers to a number of benefi ts as well as costs. It imposes a number of requirements that are necessary for the newly created structure to be considered opti mum. The economies of Eurozone countries did not meet these requirements. In consequence, the present functi oning of the Eurozone encounters many disturbances – the strong differentiation of the balance of payments is a signifi cant example. The reforms initi ated in the European Union and undertaken in response to the fi nancial crisis encompassed the Eurozone countries, yet they only concern fi nancial policy. The adopted strategy of action arouses questions as to its effectiveness. The aim of this arti cle is to present one of the reasons for the Eurozone crisis and a proposal for changing the monetary policy, in particular the exchange rate. In view of this objecti ve, the main hypothesis reads as follows: one of the methods of counteracting the crisis is to introduce currency competition within the Eurozone.

Currency notes have been implicated as a vehicle for transmitting community-acquired bacterial infections. However, the overall diversity of the bacterial population residing on banknotes is still unknown in Brazil. In this study, we aimed to investigate the overall bacterial population from 150 different Brazilian Rial (R$) notes in circulation using a culture-independent Illumina massively parallel sequencing approach of the 16S rRNA genes. Samples were randomly collected from three different street markets or "feiras" in the metropolitan region of São Paulo. Taxonomical composition revealed the abundance of Proteobacteria phyla, followed by Firmicutes and Streptophyta, with a total of 1193 bacterial families and 3310 bacterial genera. Most of these bacterial genera are of human, animal, and environmental origins. Also, our analysis revealed the presence of some potential pathogenic bacterial genera including Salmonella, Staphylococcus, and Klebsiella. The results demonstrate that there is a tremendous diversity of bacterial contamination on currency notes, including organisms known to be opportunistic pathogens. One of the factors that may contribute to the richness of bacterial diversity in currency notes is personal hygiene. Thus, our results underscore the need to increase public awareness of the importance of personal hygiene of money handlers who also handle food.

Full Text Available Currency notes have been implicated as a vehicle for transmitting community-acquired bacterial infections. However, the overall diversity of the bacterial population residing on banknotes is still unknown in Brazil. In this study, we aimed to investigate the overall bacterial population from 150 different Brazilian Rial (R$ notes in circulation using a culture-independent Illumina massively parallel sequencing approach of the 16S rRNA genes. Samples were randomly collected from three different street markets or “feiras” in the metropolitan region of São Paulo. Taxonomical composition revealed the abundance of Proteobacteria phyla, followed by Firmicutes and Streptophyta, with a total of 1193 bacterial families and 3310 bacterial genera. Most of these bacterial genera are of human, animal, and environmental origins. Also, our analysis revealed the presence of some potential pathogenic bacterial genera including Salmonella, Staphylococcus, and Klebsiella. The results demonstrate that there is a tremendous diversity of bacterial contamination on currency notes, including organisms known to be opportunistic pathogens. One of the factors that may contribute to the richness of bacterial diversity in currency notes is personal hygiene. Thus, our results underscore the need to increase public awareness of the importance of personal hygiene of money handlers who also handle food.

Full Text Available Data mining or Knowledge Discovery in Databases (KDD is a new field in information technology thatemerged because of progress in creation and maintenance of large databases by combining statisticaland artificial intelligence methods with database management. Data mining is used to recognizehiddenpatterns and provide relevant information for decision making on complex problems where conventionalmethods are inecient or too slow. Data mining can be used as a powerful tool to predict future trends andbehaviors, and this prediction allows making proactive, knowledge-driven decisions in businesses. Sincethe automated prospective analyses offered by data mining move beyond theanalyses of past eventsprovided by retrospective tools, it can answer the business questions which are traditionally timeconsuming to resolve. Based on this great advantage, it provides more interest for the government,industry andcommerce. In this paper we have used this tool to investigate the Euro currency fluctuation.For this investigation, we have three different algorithms: K*, IBK and MLP and we have extractedEuro currency volatility by using the same criteria for all used algorithms. The used dataset has21,084 records and is collected from daily price fluctuations in the Euro currency in the periodof10/2006 to 04/2010

Understanding evolutionary trajectories remains a difficult task. This is because natural evolutionary processes are simultaneously affected by various types of constraints acting at the different levels of biological organization. Of particular importance are constraints where correlated changes occur in opposite directions, called trade-offs. Here we review and classify the main evolutionary constraints and trade-offs, operating at all levels of trait hierarchy. Special attention is given to life history trade-offs and the conflict between the survival and reproduction components of fitness. Cellular mechanisms underlying fitness trade-offs are described. At the metabolic level, a linear trade-off between growth and flux variability was found, employing bacterial genome-scale metabolic reconstructions. Its analysis indicates that flux variability can be considered as the currency of fitness. This currency is used for fitness transfer between fitness components during adaptations. Finally, a discussion is made regarding the constraints which limit the increase in the amount of fitness currency during evolution, suggesting that occupancy constraints are probably the main restrictions.

Full Text Available Despite numerous different definitions existing in the literature, currency substitution is generally understood as a phenomenon when domestic residents prefer to use foreign currency rather than domestic currency. The main reasons for such phenomenon include high and volatile inflation, strong depreciation of national currency and high interest rate differential in favour of foreign currency. Currency substitution, as a monetary phenomenon, is widely spread in Latin American, Eastern European and some Asian countries. This paper is dedicated to the influence of currency substitution on exchange rate volatility in Serbia. The research included testing of three hypotheses: (i currency substitution positively affects depreciation rate volatility, (ii depreciation rate volatility has stronger responses to the past negative than to the past positive depreciation shocks, and (iii currency substitution positively affects expected depreciation rate. The analysis was implemented for the period 2002:m1-2015:m12 (2004:m1- 2015:m12, applying modified EGARCH-M model. Based on the obtained results, all three hypotheses have been supremely rejected regardless of the manner of quantification of currency substitution.

Full Text Available The article analyses interdependencies of the size of foreign debt and size of gold and currency reserves of Ukraine and EU countries. It analyses the main component of the national wealth of the country – size of gold and currency reserves. It considers the structure of the gold and currency reserve and gross state debt of Ukraine. It identifies the most significant share in the general structure of the gold and currency reserve. It describes regulation of gold and currency reserves at the modern stage of the country development. It compares volumes of gold and currency reserves of the country with other countries. It identifies the level of sufficiency of gold and currency reserves. It studies dynamics of fluctuation of gold and currency reserves and consolidated debts of Ukraine, Bulgaria, Latvia, Lithuania and Romania during 2010 – 2012. It establishes the link between gold and currency reserves and consolidated debts of EU countries and Ukraine in accordance with the modelled linear equations of dependencies and identifies their correlation ratios. It assesses adequacy of gold and currency reserves of Ukraine by the import coverage criterion.

In this paper, we present a method for predicting the value of virtual currencies used in virtual gaming environments that support multiple users, such as massively multiplayer online role-playing games (MMORPGs). Predicting virtual currency values in a virtual gaming environment has rarely been explored; it is difficult to apply real-world methods for predicting fluctuating currency values or shares to the virtual gaming world on account of differences in domains between the two worlds. To address this issue, we herein predict virtual currency value fluctuations by collecting user opinion data from a virtual community and analyzing user sentiments or emotions from the opinion data. The proposed method is straightforward and applicable to predicting virtual currencies as well as to gaming environments, including MMORPGs. We test the proposed method using large-scale MMORPGs and demonstrate that virtual currencies can be effectively and efficiently predicted with it. PMID:26241496

This paper presents a solution of unified e-currency based on the fourth party platform integrated payment service. The purpose of the paper is to solve the problem of distribution and resource-wasting caused by the lack of unified electronic currency, and to solve regulatory difficulties due to regulation size caused by a wide variety of e-currency. Methods: This article first analyzes the problems in the development of electronic money, and then proposes the concept of a unified electronic currency based on the fourth party platform integrated payment service. Besides, it proposes a unified mechanism and transaction procedures for unified e-currency, and analyzes the liquidation process, security and regulatory requirements, which are involved in using unified electronic currency.

In this paper, we present a method for predicting the value of virtual currencies used in virtual gaming environments that support multiple users, such as massively multiplayer online role-playing games (MMORPGs). Predicting virtual currency values in a virtual gaming environment has rarely been explored; it is difficult to apply real-world methods for predicting fluctuating currency values or shares to the virtual gaming world on account of differences in domains between the two worlds. To address this issue, we herein predict virtual currency value fluctuations by collecting user opinion data from a virtual community and analyzing user sentiments or emotions from the opinion data. The proposed method is straightforward and applicable to predicting virtual currencies as well as to gaming environments, including MMORPGs. We test the proposed method using large-scale MMORPGs and demonstrate that virtual currencies can be effectively and efficiently predicted with it.

Full Text Available In this paper, we present a method for predicting the value of virtual currencies used in virtual gaming environments that support multiple users, such as massively multiplayer online role-playing games (MMORPGs. Predicting virtual currency values in a virtual gaming environment has rarely been explored; it is difficult to apply real-world methods for predicting fluctuating currency values or shares to the virtual gaming world on account of differences in domains between the two worlds. To address this issue, we herein predict virtual currency value fluctuations by collecting user opinion data from a virtual community and analyzing user sentiments or emotions from the opinion data. The proposed method is straightforward and applicable to predicting virtual currencies as well as to gaming environments, including MMORPGs. We test the proposed method using large-scale MMORPGs and demonstrate that virtual currencies can be effectively and efficiently predicted with it.

Empirical research on the gravity model of international trade in the wake of Rose (2000) affirms that currency union formation doubles or triples trade. However, currency unions could also be established precisely because trade among their members was already high. In OLS estimation, this would cause endogeneity bias. The present paper employs both fixed effects and binary choice methods to trace endogeneity in the formation of historical currency arrangements. Studying the formation of curr...

Conditional on choosing a pegged exchange rate regime, what determines the currency to which countries peg or “anchor” their exchange rate? This paper aims to answer this question using a panel multinomial logit framework, covering more than 100 countries for the period 1980-1998. We find that trade network externalities are a key determinant of anchor currency choice, implying that there are multiple steady states for the distribution of anchor currencies in the international monetary system...

Currency substitution – the use of foreign money to finance transactions between domestic residents – is widespread in low income and transition economies. Traditionally, however, empirical models of the demand for money tend to concentrate on the portfolio, motive for holding foreign currency, while maintaining the assumption that the income elasticity of demand for domestic money is invariant to the degree of currency substitution.. We offer a simple re-specification of the demand for money...

The purpose of this study is to describe and clarify the foreign currency translation problem and to suggest normative criteria by which various methodologies can be tested. The translation problem is presented as a set of four critical questions: (1) whether translation should be done, (2) what numbers to use to translate foreign currency accounts into the reporting currency, (3) what to do with the imbalance that results from translating different accounts with different numbers and (4) wha...

This paper uses synchronization indicators of domestic and foreign fundamentals to choose suitable currency allocation of public external debt. The selection of explanatory variables for exchange rate volatility is motivated using a New Keynesian Policy model that predicts that not only traditional optimum currency area (OCA) variables, but also variables considered by the literature on currency preferences, such as money velocity, should be relevant for explaining exchange rate volatility. I...

Full Text Available Background and purpose: This paper analyzes the interest of potential users for learning in the field of currency trading or foreign exchange (forex, FX. The purpose of our article is a to present currency trading, b to present different options, methods and learning approaches to educating in forex, c to present the research results discovering the interest of potential users for learning in the field of currency trading.

to the threat of a currency crisis is restrictive. We demonstrate that this result is primarily due to the uncovered interest parity assumption. Assuming that the exchange rate is a martingale restores the case for expansionary reaction - even with foreign-currency debt in firms' balance sheets. The effect...... of lower interest rates on output can help restore the value of the currency due to increased money demand...

This paper reviews the reserve requirement arrangements of sub-Saharan Africa, focusing on the differences between reserve requirements on domestic- and foreign-currency deposits. The reserve requirement systems in sub-Saharan Africa are relatively simple and transparent, but in some countries high unremunerated reserve ratios impose a significant implicit tax on the banks. The currency denomination of the foreign-currency reserve deposits raises concern in countries undergoing large macroeco...

Full Text Available The phenomenon of virtual currency, and especially the virtual currency Bitcoin, have managed to draw attention of the population, organizations and governments, from the moment of its appearance, proliferating pro and against attitudes against their use in the day-to-day transactions. The study is a detailed analysis of the virtual currency phenomenon and an attempt to outline a possible status from the accounting point of view of the virtual worlds, starting from the position adopted by the regulating authorities in the countries where the virtual currencies register the highest rate of use.

Full Text Available This paper analyzes the twin crises in Turkey experienced in 2000 and 2001. After a detailed survey of currency crisis models, together with a brief descriptive overview of the crises in Turkey, the similarities among the twin crises in Turkey and the models that have been developed to explain preceding crises in the world are investigated. It is found that the Turkish twin crises cannot be explained by using any individual generation of models, namely first generation models, second generation models or third generation models. Instead, a combination of these models is more appropriate to explain the details of the twin crises.

Full Text Available The buying-selling currency activity is a specific kind of trade within which currency is considered to be a good. The result of this trade is a price (currency rate of exchange that depends on the demand-supply conditions existing on the market; this price may be limited from legal point of view. The purpose of this article is to define various transactions on the currency market including that of the Republic of Moldova and to single out currency transactions within foreign currency accounts of the residents and non-residents.

textabstractComplementary currency systems are based on principles of solidarity and contestation of the regular currency systems, so their prices may differ from those in the regular economy. This study aims to explore that assumption and discusses in what ways and for what reasons some prices are

... Section 4.2 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY ORGANIZATION AND... RESTRICTIONS FOR SENIOR EXAMINERS Organization and Functions § 4.2 Office of the Comptroller of the Currency... denying applications for new charters or for changes in corporate or banking structure; approving...

by the rulers of India; however Europeans introduced the paper currency in India. Among the Europeans, Portuguese were the first to land on Indian soil for trade and commerce. They had issued paper currencies in India. Many Indian languages and various social...

textabstractAbstract--This paper develops the theory of currency substitution from a choice theoretic point of view. The main result offers a simple relationship between the relative amount of currencies held and their opportunity costs, i.e., interest and capital gains. Our hypothesis is tested by

... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint Price for the Making American History Coin and Currency Set AGENCY: United States Mint... for the Making American History Coin and Currency Set. FOR FURTHER INFORMATION CONTACT: B.B....

Using a new dataset of currency option prices, we study the evolution of investor confidence in 1992-1998 over the chance of individual currencies to converge to the Euro. Convergence risk, which may reflect uncertainty over policy commitment as well as exogenous fundamentals, induces a level of imp

Using a new dataset of currency option prices, we study the evolution of investor confidence in 1992-98 over the chance of individual currencies to converge to the euro. Convergence risk, which may reflect uncertainty over policy commitment as well as exogenous fundamentals, induces a level of impli

Full Text Available Background: Currency is a public support tool for exchange of commodity and services. It’s prevalent practice for acquiring bread to broast and bath to bed has connected all human being together irrespective of race and occupation. Currency notes along with their denomination values also carry pathogens if contaminated and will act as an agent for infection transference. Therefore the objective of this cross-sectional study was to assess the load microbial pathogens of paper currency collected in selected public places of Al-Kharj, Saudi Arabia. Methods: Currency notes under study were assessed through microbiological culture, microscopic and biochemical visualization techniques. Results: The results from this cross-sectional study suggested that lower the currency denominations higher was the microbial contaminations, frequency percentage was lower with higher isolations. Small eateries were the biggest source of contaminated currency from the ten selected centres. Percentage microorganism occurrence for Bacillus spp, Staphylococcus spp, Klebsiella spp and E. coli was 56.84%, 25.03%, 13.40% and 04.71% respectively in all currency notes under study. Conclusions: The outcomes of this study revealed that currency notes can be a source for microbe transmission causing infectious diseases represent public health hazards to the community and individuals.

Empirical surveys on exchange rate risk management in non-financial companies focus on the use of currency derivatives while omitting the use of corporate debt denominated in foreign currency ("foreign debt") even though the latter in risk management terms is identical to one or a series of forward...

Introducing students to continental currency may well encourage their interest in the economic context of the Constitution and their understanding of a wide range of economic concepts. This brief article describes a lesson to familiarize students with continental currency and its relationship to Article I, Section 8, of the Constitution and the…

Full Text Available This paper attempts to estimate the actual (de facto level of dollarization in Armenia. “Co-circulation” involves the regular use of two or more currencies within an economy. The existence of an unknown amount of foreign currency in circulation makes the outcome of domestic monetary policy uncertain. The volume of foreign currency deposits is easily obtained from the official statistics. However, it is very hard to determine the stock of foreign currency in circulation. The effective money supply may be much larger than the domestic money supply and is subject to behavioral responses which are very different than the movements of the presently measured money supply. The purpose of this paper is to assess the level of dollarization, that is, to evaluate the size and/or proportion of foreign currency in the total money stock of Armenia as a highly dollarized country.

Full Text Available One of the most significant factors which influences the level of banking sector liquidity is Currency in Circulation. Although the central bank is in charge of distribution of the currency it can’t assess the demand for the currency, as that demand is generated by the customers of commercial banks. Therefore, the amount of Currency in Circulation has to be modelled and forecasted. This paper introduces ARIMA(2,1 and SARIMA(2,1(5,0 models with dummy variables and discusses its applicability to the forecasting of Currency in Circulation. The forecasting performance of these models is compared. The results indicate that the performance of SARIMA(2,1(5,0 is better and that both models might be applied for monetary policy purposes as supportive tools for banking sector liquidity forecasting.

We examined the time series properties of the foreign exchange market for 1990-2008 in relation to the history of the currency crises using the minimum spanning tree (MST) approach and made several meaningful observations about the MST of currencies. First, around currency crises, the mean correlation coefficient between currencies decreased whereas the normalized tree length increased. The mean correlation coefficient dropped dramatically passing through the Asian crisis and remained at the lowered level after that. Second, the Euro and the US dollar showed a strong negative correlation after 1997, implying that the prices of the two currencies moved in opposite directions. Third, we observed that Asian countries and Latin American countries moved away from the cluster center (USA) passing through the Asian crisis and Argentine crisis, respectively.

Identifying universal behavior is a challenging task for far-from-equilibrium complex systems. Here we investigate the collective dynamics of the international currency exchange market and show the existence of a semi-invariant signature masked by the high degree of heterogeneity in this complex system. The cumulative fluctuation distribution in the exchange rates of different currencies possess heavy tails characterized by exponents varying around a median value of 2. The systematic deviation of individual currencies from this putative universal form (the "inverse square law") can be partly ascribed to the differences in their economic prosperity and diversity of export products. The distinct nature of the fluctuation dynamics for currencies of developed, emerging and frontier economies are characterized in detail by detrended fluctuation analysis and variance-ratio tests, which shows that less developed economies are associated with sub-diffusive random walk processes. We hierarchically cluster the currenci...

Econophysics is a science in its infancy, born about ten years ago at this time of writing, at the crossing roads of physics, mathematics, computing and of course economics and finance. It also covers human sciences, because all economics is ultimately driven by human decision. From this human factor, econophysics has no hope to achieve the status of an exact science, but it is interesting to discover what can be achieved, discovering potential limits and trying try to push further away these limits. A few data analysis techniques are described with emphasis on the Detrended Fluctuation Analysis ($DFA$) and the Zipf Analysis Technique ($ZAT$). Information about the original data aresketchy, but the data concerns mainly the foreign currency exchange market. The robustness of the $DFA$ technique is underlined. Additional remarks are given for suggesting further work. Models about financial value evolutions are recalled, again without going into elaborate work discussing typical agent behaviors, but rather with ...

Full Text Available From the empirical findings, we can conclude that the capital liberalization after the Korean currency crisis strengthened the financial linkage with international financial centers. It means that Korean policy makers have to consider foreign as well as domestic situations in designing effective financial policies. This paper suggests seven points to be included in the new dimensions of Korean financial policy. First, Korean government has to minimize policy mistakes, to enact monetary policy more carefully, and to develop financial institutions to provide variety of financing in the domestic economy. Second, Korean government has to promote international policy cooperation and to participate in establishing a new international regime that could reflect its own situations.

suppressed, capitalising upon the fundamental uncertainty in the theory itself. The final part of the paper goes on to consider the financial crisis, and how OCA theory might aid policy-makers’ attempts to induce ex-post convergence, demonstrating the continued relevance of the theory.......Optimum Currency Area theory (OCA) is a body of research that has, since its inception in 1961, been highly influential for the discourse and design of Economic and Monetary Union, exercising a significant hermeneutical force. Nonetheless, there has been little acknowledgement that OCA...... is the subject of very significant internal disagreement, to the extent that economists writing within the field do not commonly agree upon the ontological foundations of the theory. This entails that the translation of the theory into political reality has been characterised by a series of often mutually...

Full Text Available VaR has become the standard measure that financial analysts use to quantify market risk. VaR measures can have many applications, such as in risk management, to evaluate the performance of risk takers and for regulatory requirements, and hence it is very important to develop methodologies that provide accurate estimates. In particular, the Basel Committee on Banking Supervision at the Bank for International Settlements imposes to financial institutions such as banks and investment firms to meet capital requirements based on VaR estimates. In this paper we determine VaR for a banking currency portfolio and respect rules of National Bank of Romania regarding VaR report.

Full Text Available The aim of this paper is to verify the effectiveness of EMA indicator according to selected time intervals. The underlying assumption is that, on longer timescales EMA is profitable and provides more relevant signals. The second objective of this paper is to test the signals of indicators in different months. It is believed that in September and January the number of trading signals on this indicator will increase. Testing will be done on the five-minute time frame. The test will be subjected to 65,000 rate values of the EUR / USD currency pair. Effectiveness of the analysis will be evaluated on the basis of digital (binary option. Business strategy is based on EMA crossover indicator of current exchange rate. By the contribution there were confirmed hypotheses about more profitable signals when selecting a greater timeframe breadth of moving average. There was also confirmed an increased amount of signals in September, but not in January.

This article identifies linkages between the Australian health industry and the global economy. It discusses some of the consequences of the Asian currency crisis of 1997-98 for the Australian economy and health industry, with special emphasis upon exports. Devaluation of the Australian dollar will increase the cost of most pharmaceutical and medical imports, but may offer competitive advantages to some Australian exporters. The nascent engagement with Asia of many health industry enterprises is likely to be stifled. It is therefore important for Australian governments, as well as the Australian health industry, to provide intelligence and encouragement to those enterprises that wish to continue their engagement with Asia or resume it when economic equilibrium returns. Markets throughout the world must also be further developed. The crisis may therefore provide the stimulus for re-thinking and re-stating Australian health export policy.

This work studies the symmetry between colloidal dynamics and the dynamics of the Euro-U.S. dollar currency exchange market (EURUSD). We consider the EURUSD price in the time range between 2001 and 2015, where we find significant qualitative symmetry between fluctuation distributions from this market and the ones belonging to colloidal particles in supercooled or arrested states. In particular, we find that models used for arrested physical systems are suitable for describing the EURUSD fluctuation distributions. Whereas the corresponding mean-squared price displacement (MSPD) to the EURUSD is diffusive for all years, when focusing in selected time frames within a day, we find a two-step MSPD when the New York Stock Exchange market closes, comparable to the dynamics in supercooled systems. This is corroborated by looking at the price correlation functions and non-Gaussian parameters and can be described by the theoretical model. We discuss the origin and implications of this analogy.

We studied the topology of correlation networks among 34 major currencies using the concept of a minimal spanning tree and hierarchical tree for the full years of 2007-2008 when major economic turbulence occurred. We used the USD (US Dollar) and the TL (Turkish Lira) as numeraires in which the USD was the major currency and the TL was the minor currency. We derived a hierarchical organization and constructed minimal spanning trees (MSTs) and hierarchical trees (HTs) for the full years of 2007, 2008 and for the 2007-2008 period. We performed a technique to associate a value of reliability to the links of MSTs and HTs by using bootstrap replicas of data. We also used the average linkage cluster analysis for obtaining the hierarchical trees in the case of the TL as the numeraire. These trees are useful tools for understanding and detecting the global structure, taxonomy and hierarchy in financial data. We illustrated how the minimal spanning trees and their related hierarchical trees developed over a period of time. From these trees we identified different clusters of currencies according to their proximity and economic ties. The clustered structure of the currencies and the key currency in each cluster were obtained and we found that the clusters matched nicely with the geographical regions of corresponding countries in the world such as Asia or Europe. As expected the key currencies were generally those showing major economic activity.

Full Text Available At present, the world economy is dominated by three poles – the USA, the European Union and Japan – among which there should be real co-operation to ensure the international stability on all levels. The introduction of the euro was perceived by the experts as the beginning of the competition among the currencies on the international financial markets. The European Monetary Union was conceived to cause an internal, not an external change, with an economic and financial purpose and as a further step of the European integration. Moreover, the international monetary system does not allow the European single currency to make gains that might cause losses to the US dollar. Both currencies have room in the world economy, but the euro has been beneficial to both the euro area and the rest of the world. At present, the euro is stronger than the sum of the twelve former national currencies. The consolidation of the national economies of the euro area becomes stronger due to the impact on liquidities, to the various investment opportunities for the entities that manage the financial portfolios and the central banks that manage the foreign currency reserves. The competition among the currencies means more opportunities in the world economy: the euro is an international currency used along with the US dollar and the yen, not against them.

Full Text Available This study aims is to identifying the differences between using forward contract hedging or currencyswap hedging. Paired Sample T-Test were used to answer the problems and to test the hypothesis. The findings showthat without paying attention to the time value of money, currency swap hedging generated higher income value than forward contract hedging, whereas by paying attention to the time value of money, forwardcontracthedging generated higher income value than currency swap hedging. Significant differences were foundas far as the use of forward contract hedging and currency swap hedging are concerned, both by paying or noattention to the time value of money.

Full Text Available The profitability of the operation of an enterprise is influenced by several factors. Besides the tendency of market demand and supply, taking the changes of inflation, interest rate and exchange rate into consideration is necessary, as all these are risks. Since the start of the economic crisis in the autumn of 2008, changes in the exchange rate have been more and more emphasized. The article deals with methods for decreasing exchange risks of foreign currency transactions, without the need of completeness. In international trade due to the growth of the number of currency loans the significance of managing financial risks coming from the changes in exchange rates has increased. One of its tools is the currency based booking, which may make the effect of the change more predictable.

Empirical surveys on exchange rate risk management in non-financial companies focus on the use of currency derivatives while omitting the use of corporate debt denominated in foreign currency ("foreign debt") even though the latter in risk management terms is identical to one or a series of forward...... contracts. This empirical study of the risk management practices of non-financial companies shows (1) that foreign debt is an important alternative to the use of currency derivatives, (2) that the relative importance of foreign debt compared to currency derivatives increases the longer the hedging horizon...... and the higher the uncertainty, and (3) that companies with a low solvency ratio and stable earnings attribute an especially high importance to the use of foreign debt. The study further suggests that the relative importance attributed to foreign debt differs between companies in various economic sectors....

Full Text Available The volatility spillover tells about the extent of the integration between different markets. In this study an effort has been made to analyse the integration and interrelationship among the capital market, currency market and commodity market in India through the volatility spillover frame work by using AR (1-GARCH (1,1 approach. This study differentiates from the earlier studies by including all three segments of the markets. The study found out that the volatility spillover from currency markets and commodity markets to capital markets. Likewise the volatility spillover from capital market to currency markets and there is no spillover from commodity market to currency markets. In case of commodity market there is no evidence of volatility spillover

textabstractBrazilian community development banks (CDBs) have established various coordinated financial mechanisms aiming to restructure poor and peripheral local economies. Their development strategy includes an instrument to facilitate access to microfinance and a community currency, combined with

textabstractBrazilian community development banks (CDBs) have established various coordinated financial mechanisms aiming to restructure poor and peripheral local economies. Their development strategy includes an instrument to facilitate access to microfinance and a community currency, combined with

In this paper, we present a method for predicting the value of virtual currencies used in virtual gaming environments that support multiple users, such as massively multiplayer online role-playing games (MMORPGs...

Full Text Available The author gives a brief excursus on the crypto-currency development, the theoretical understanding of a new kind of digital money. Today in the world there is no single interpretation of the crypto-currency, in some sources it is treated as a currency, others as a commodity or raw material. The appearance and use of Bitcoin (the main crypto-currency are considered by some authors as the evolution of the global financial system. The history of the crypto-currency origin, the distinctive features of cryptocurrency from the usual currency, the specifics of their use and relation to these governments are investigated and characterized by their legal status. There are real limitations in Australia, Germany, the Netherlands, New Zealand, Singapore, some US States and various offshore, they might constitute restrictive measures, as in Indonesia, China, Russia, and Ukraine. Many governments chose a wait – for example, the EU, UK, Switzerland, USA, Canada, Japan, countries of South-East Asia. The most significant signs of cryptocurrencies, such as decentralization, anonymity and lack of guarantees are marked. Two possible scenarios of crypto-currency development in Russia are proposed. The first scenario is prohibitive and the second one is regulatory. It is noted that the bitcoin should be banned, and should be studied, and then start to gradually adjust. Its benefits and disadvantages of the scenario use are highlighted. In addition, the author emphases the almost complete lack of a legal framework governing relations between clients of the new information network. As a result the study is focused not only on the necessity a detailed scientific study of crypto-currencies, but also on the need to develop institutional norms. Most of the developed countries adapt their legislation to regulate the new electronic money, which will allow slow to adapt innovation of the financial market - a crypto-currency to modern realities. As in Russia the legal basis

Full Text Available The article conducts analysis of behaviour of stock indices and currency rates before and after the crisis phenomena with the aim of detection of key features of the pre-crisis state, localisation and description of crisis effects by time and scale using methods of multifractal analysis and wavelet transformation. The article checks the method of allocation of intervals of self-similar behaviour of financial series in practice. For Dow Jones and Sand P 500 indices the article detects in the time interval of 2001 – 2013 fractality spans and also moments of time when behaviour of series was determined with the chaotic component. The article offers the measure of synchronous behaviour of stock indices and currency rates, value of which allows assessment of the degree of propagation of crisis phenomena and forecasting them. This measure is calculated for EUR/GBP, EUR/USD, FTSE 100, S and P 500, Dow Jones, DAX and CAC 40 series. The article observes a close connection between values of the introduced measure and volume of crisis phenomena, which took place in relevant period of time. It gives a characteristics of main economic crises for the period 2001 – 2003 with the aim of comparison of real events and specific features of dynamics of the measure of synchronisation as a precursor of crisis phenomena.

Although the increasing heterogeneity as an effect of European Union enlargement, referring especially to the last two waves, is perceived as a single internal market and also euro single currency risk, European Monetary Union represents an important step towards deepening economic integration. Controversy on the Optimum Currency Area issue has created difficulties in empirical research effort to find appropriate responses to the EMU dilemma: is Euro zone an „optimum” or rather “viable” curre...

The purpose of this study is threefold. First, we look at the linkages between Eastern European emerging equity markets and Russia. Second, we investigate the relationships between the currency markets of Poland, Hungary, Russia, and the Czech Republic. Finally, we examine the interdependence between Emerging Eastern European and Russian equity and currency markets. We estimate a bivariate GARCH-BEKK model proposed by Engle and Kroner (1995) using weekly returns. We find evidence of direct li...

Background and Objectives: Money as a common tool is exchanged between people all over the world. Thus, it can be a source of chemical and biological contaminations causing serious diseases. The purpose of this research was to determine bacterial contamination of the currency notes and coins collected in Kermanshah. Materials and Methods: 160 currency notes and 96 coins were randomly chosen from different jobs and parts of the city. Total count experiment was done and bacteria were identi...

Through the analysis of the essence of concepts of currency and credit, the following conclusions can be obtained: Paper currency is credit currency with some kind of illusion, and is substituent of credit currency, and the creature of money multiplier effect is credit, not currency. Credit and currency have essential differences. Currency credit is overrunning, which makes virtual economy seriously deviate from real economy. This article puts forward the following suggestions:Deposit and loan businesses should be exclusively operated by different banks;currency with different uses should be managed separately; and the Bank of Chinese Virtual Economy, the Bank of China’s Public Affairs and the Bank of Chinese Market Equilibrium should be established.%通过对货币概念与信用概念的本质分析，得出如下结论：现阶段的纸币是有信用货币幻象的信用化货币，是信用货币的替代物；货币乘数效应创造的是信用，不是货币。货币与信用有本质区别，货币化信用泛滥，导致虚拟经济严重背离实体经济。提出如下政策建议：存款业务与贷款业务由不同银行专营；分类管理不同用途的货币；组建中国虚拟经济银行、中国公共银行、中国平准银行。

This paper deals with the relationship between country credibility and currency crises by using crosscountry pooled data with a multinomial logit model. We use Corruption Perception Index (CPI) published by Transparency International, which is a global non-governmental organization devoted to combating corruption, as a proxy for country credibility. The main findings from the multinomial logit models indicate that country credibility has a significant influence on currency crisis. The applied...

Forecasting volatility of traditional financial instruments is a well known and widely addressed problem. In the past, researches addressed it by using technical and fundamental analysis. The former looks at the past price movement of a currency or a stock (their market value and trading volumes), while the latter analyses outside information which can cause fluctuations in the currency or stock value (e.g.: introducing a new product in the company can increase the value of company’s stocks, ...

We develop the first basic Operational Risk perspective on key risk management issues associated with the development of new forms of electronic currency in the real economy. In particular, we focus on understanding the development of new risks types and the evolution of current risk types as new components of financial institutions arise to cater for an increasing demand for electronic money, micro-payment systems, Virtual money and cryptographic (Crypto) currencies. In particular, this pape...

It is a widely spread belief that crypto-currencies implementing a proof of stake transaction validation system are less vulnerable to a 51% attack than crypto-currencies implementing a proof of work transaction validation system. In this article, we show that it is not the case and that, in fact, if the attacker's motivation is large enough (and this is common knowledge), he will succeed in his attack at no cost.

One of the main disadvantages of currency boards is the rule-based character of this system and the resulting inflexibility in case of shocks, a frequently recurring event in transition countries. Accordingly, central banks under currency board arrangements (CBA) are unable to respond to short-term liquidity changes in the money market. To cushion negative effects of economic shocks on interest rates and on the volatility of banks' liquidity the Estonian and Lithuanian central banks have to a...

Full Text Available Since the beginning of the 1990s, in Brazil, privatization has proved to be an emergency exit to crisis of services that the State cannot offer efficiently, such as Education, Health, Transportation, and more recently Social Security. The agenda in question is now Public Safety. Failing to meet the demand for lawsuits that pass through the Judiciary, Brazilian prisons are becoming increasingly overcrowded; the services lagged; Constant rebellions, high crime rate, denial of human rights and structural violence, glaring. Thus, this article aims to reflect on both sides of the 'currency' of prisons privatizations in the Brazilian scenario. He used the research with a qualitative approach and bibliographical character with the support of theoretical references from the specialized literature in the area, besides the technical documents, official reports from the Government and NGOs that carry out social control works. The research has shown that privatization seems to be the best way out in the short term and can solve a number of social problems, but how can one think of the profitable return that all privatization requires if its main objective is to reduce the target population? So either this alternative will create a market that, if it turns out, will end itself, or we will end up creating an even more perverse logic of incarceration.

Random matrix theory (RMT) filters have recently been shown to improve the optimisation of financial portfolios. This paper studies the effect of three RMT filters on realised portfolio risk, using bootstrap analysis and out-of-sample testing. We considered the case of a foreign exchange and commodity portfolio, weighted towards foreign exchange, and consisting of 39 assets. This was intended to test the limits of RMT filtering, which is more obviously applicable to portfolios with larger numbers of assets. We considered both equally and exponentially weighted covariance matrices, and observed that, despite the small number of assets involved, RMT filters reduced risk in a way that was consistent with a much larger S&P 500 portfolio. The exponential weightings indicated showed good consistency with the value suggested by Riskmetrics, in contrast to previous results involving stocks. This decay factor, along with the low number of past moves preferred in the filtered, equally weighted case, displayed a trend towards models which were reactive to recent market changes. On testing portfolios with fewer assets, RMT filtering provided less or no overall risk reduction. In particular, no long term out-of-sample risk reduction was observed for a portfolio consisting of 15 major currencies and commodities.

Full Text Available A number of economic problems that occurred during the power of Mamluk (1250-1517 AD was considered as a result of the change to currency system, namely from the system of commodity-based money (gold and silver into paper-based money (fiat. Instability prices, decrease of trading activities, high of unemployment number were a number of economic indicators that occurred at that time. This issue of macro-economy was considered as a result of changes in the money system. This study analyzes the dynamic relationship between the price of gold as a representation of commodity money system and M2 as a representation of fiat money against the stability of economic indicators such as inflation, economic growth, stock prices, and unemployment and interest rates. This study found that both systems not vary significantly against each other in its influence on macroeconomic variables. It means that the two systems do not have contrast distinction. Indeed, it was found that the commodity-based money system is not free of inflation, as propagated by the supporters of the dinar and dirham (dinarist. DOI: 10.15408/aiq.v9i2.4749

Full Text Available The paper deals with the identification of potential disadvantages associated with the existence of national currencies with the floating exchange rate regime during the current financial and economic crisis in countries postponing their entry into the eurozone. The hypothesis is that the advantages of a floating exchange rate may be outweighed by their disadvantages (high volatility of exchange rates. First part of the paper provides evidence about the development of Czech crown exchange rate since transition from fix to free float regime. Special attention will be given to the period during the recent global economic crisis. For the sake of comparison, evolution of other currencies in the region (zloty, forint and Slovak crown, will be taken to consideration. Second part of the paper form case studies identifying impact due to volatility on national currencies. Case studies were used to identify possible negative impacts from volatility in national currencies on export firms in the Czech Republic and holders of mortgage loans denominated in foreign currencies in Hungary. The last part of the paper will formulate recommendations for businesses entering into foreign trade relationships, as well as for policy makers in countries using national currencies which are preparing for membership in the eurozone.

Based on the unique characteristic, the paper currency numbers can be put into record and the automatic identification equipment for paper currency numbers is supplied to currency circulation market in order to provide convenience for financial sectors to trace the fiduciary circulation socially and provide effective supervision on paper currency. Simultaneously it is favorable for identifying forged notes, blacklisting the forged notes numbers and solving the major social problems, such as armor cash carrier robbery, money laundering. For the purpose of recognizing the paper currency numbers, a recognition algorithm based on neural network is presented in the paper. Number lines in original paper currency images can be draw out through image processing, such as image de-noising, skew correction, segmentation, and image normalization. According to the different characteristics between digits and letters in serial number, two kinds of classifiers are designed. With the characteristics of associative memory, optimization-compute and rapid convergence, the Discrete Hopfield Neural Network (DHNN) is utilized to recognize the letters; with the characteristics of simple structure, quick learning and global optimum, the Radial-Basis Function Neural Network (RBFNN) is adopted to identify the digits. Then the final recognition results are obtained by combining the two kinds of recognition results in regular sequence. Through the simulation tests, it is confirmed by simulation results that the recognition algorithm of combination of two kinds of recognition methods has such advantages as high recognition rate and faster recognition simultaneously, which is worthy of broad application prospect.

Full Text Available Background and Objectives: Money as a common tool is exchanged between people all over the world. Thus, it can be a source of chemical and biological contaminations causing serious diseases. The purpose of this research was to determine bacterial contamination of the currency notes and coins collected in Kermanshah. Materials and Methods: 160 currency notes and 96 coins were randomly chosen from different jobs and parts of the city. Total count experiment was done and bacteria were identified and isolated through standard methods. Results: Average total count in 1000, 2000, 5000, 10000, and 20000 Rials currency notes were 147.6, 147.8, 148.5, 96.3, and 87.9 and in 500, 1000, and 2000 Rials coins were 104.66, 77.66, and 96.56 CFU/cm2, respectively. The research showed that currency notes carries more bacterial load than coins (P<0.05. Additionally, contamination to E. coli on money (13.7 % and on coins (3.9% were at maximum levels while Pseudomonas on currency notes was at the minimum level (1.6% and coins contained 0.2% Enterobacter that was at the lowest amount. Conclusion: In summary, the most important microorganisms isolated from currency notes and coins (E.coli and Staphylococcus aureus were pathogenic, causing serious food poisoning and gastroenteritis infectious. Therefore, preventing food from cross contamination with money is necessary.

The purpose of the study is to forecast the outflow and inflow of currency at Indonesian Central Bank or Bank Indonesia (BI) in Sulawesi Region. The currency outflow and inflow data tend to have a trend pattern which is influenced by calendar variation effects. Therefore, this research focuses to apply some forecasting methods that could handle calendar variation effects, i.e. Time Series Regression (TSR) and ARIMAX models, and compare the forecast accuracy with ARIMA model. The best model is selected based on the lowest of Root Mean Squares Errors (RMSE) at out-sample dataset. The results show that ARIMA is the best model for forecasting the currency outflow and inflow at South Sulawesi. Whereas, the best model for forecasting the currency outflow at Central Sulawesi and Southeast Sulawesi, and for forecasting the currency inflow at South Sulawesi and North Sulawesi is TSR. Additionally, ARIMAX is the best model for forecasting the currency outflow at North Sulawesi. Hence, the results show that more complex models do not neccessary yield more accurate forecast than the simpler one.

Full Text Available The ASEAN Economic Community (AEC will be shaped developing to be a single market and production base in 2015, moving towards regional Economic Integration, 2009. These developments in international financial markets do lead to some adverse cost for AEC country borrowers. The specific objective aims to investigate the dependent measures and the co-movement among selected ASEAN currencies. A Copula Approach was used to examine dependent measures of Thai Baht exchange rate among selected ASEAN currencies during the period of 2008-2011. Also, a Dynamic Copula Approach was tested to investigate the co-movement of Thai Baht exchange rate among selected ASEAN currencies during the period of 2008-2011. The results of the study based on a Pearson linear correlation coefficient confirmed that Thai Baht exchange rate and each of selected ASEAN currencies have a linear correlation during the specific period excluding Vietnam exchange rate. Furthermore, based on empirical Copula Approach, Thai Baht exchange rate had a dependent structure with each of the selected in ASEAN currencies including Brunei exchange rate, Singapore exchange rate, Malaysia exchange rate, Indonesia exchange rate, Philippine exchange rate, and Vietnam exchange rate respectively. The results of Dynamic Copula estimation indicated that Thai Baht exchange rate had a co-movement with selected ASEAN currencies. The research results provide an informative and interactive ASEAN financial market to all users, including Global financial market.

Full Text Available This study attempts to investigate the Dynamic Conditional Correlation (DCC for eight currencies in the East Asia region, known as Asian Paper Tigers from the period of July 2002 to July 2012. The estimation results generated from DCC model verify that each tested exchange rate's volatility is determined by its own previous volatility shock, however failed to find any evidence with its own residual shock. While for correlation estimation results, we support the evidence that the conditional correlations for all tested pairs currencies are highly affected by their previous correlation. Most of the Asian Paper Tigers currencies recorded a low conditional correlation over the tested sampling period except for CNYJPY, MYRCNY, MYRIDR, MYRTHB, JPYTHB and PHPKRW. The findings further verify that mixing the currencies within different monetary regime plays a significant role in enhancing the currency portfolio diversification results. Although in unstable period, both JPYTHB and MYRJPY are the most promising combinations to be included in the optimal currency investment basket where both pairs have small and stable correlations either during the global recession period or European liquidity crisis period.

从传统的计价货币选择理论入手，对有关国际贸易计价货币选择的文献进行综述。研究发现，货币的交易成本、产品的需求弹性、预期利润、讨价还价能力和市场占有率是国际贸易中企业计价货币选择的微观影响因素；而通货膨胀高低、货币供给波动大小和汇率波动程度是宏观影响因素。在微观企业计价货币选择的决策中融入宏观经济变量的动态一般均衡模型研究．以及微观企业时间序列数据的挖掘是未来计价货币选择理论的研究方向。%Proceeding from the traditional theory about the choice of invoicing currency, this paper conducts a review of the literature on the choice of invoicing currency in international trade. The study result shows that currency transaction costs, the product elasticity of demand, expected profits, bargaining power and market share are the micro factors for the choice of invoicing currency in international trade while high or low inflation, money supply fluctuations and exchange rate fluctuations are the macro factors for it. The integration of macroeconomic variables into the dynamic general equilibrium model when micro enterprises make decisions on the choice of invoicing currency, and enterprise time-series data mining will be the future research direction in the theory about the choice of invoicing currency.

Full Text Available The pressure of the currency consolidation increased in the years 1990 as the world currency system became obviously too complicated and too costly. There are too many national currencies that generate artificial barriers and avoidable transaction costs, both for the domestic economies and for the world economy. The high costs and great vulnerability of the national currencies determined the financial and economic business of small open economies to move into the major currencies of the world. The world needs fewer national currencies, but does it need fewer central banks too? Or it needs central banks capable to pursuit sound monetary policies? What kind of institutional arrangements and international financial architecture are most suitable for the prospective environment of a greatly reduced multiplicity of currencies? A regional currency consolidation may be a good answer but a regional currency union is a better answer. Though, until membership of the Euro zone, what kind of the exchange rate regime is more suitable for Romania and other European Union accession countries? The hard peg regimes seem not to be a good solution. The best solution lays probable between managed floating regimes and intermediate regimes. This may be because emerging markets have both “fear of floating” and “fear of fixing”. But there is no ideal exchange rate regime”to suit everybody”. Once the exchange rate regime chosen, it evolves in time. So is the case with the exchange rate benchmarks for the national currency.

Full Text Available This article discusses the formation of a new development bank of BRICS. We have considered the background of creation of the bank in this economic situation, which are infrastructure problems of some country-member and future founders. We reviewed the creation of the bank, the official start of its work, financial characteristics, pool of currency reserves, pool of foreign exchange reserves, which has the functions and short-terms perspective of bank in international scene. We have reflected the existing difficulties, including a lack of common borders among the participants and the growing influence of China. We processed the opinions of experts about an alternative to the New Development Bank by Western financial institutions, which show the interest of strengthening the political component of the BRICS cooperation and the desire to change the current situation. We have conducted a comparative analysis of the New Development Bank and other international organizations which can serve to BRICS bank competitors such as the ADB, the IMF and the World Bank. Here we talk about the advantages and disadvantages of each organization. In order to form and strengthen the potential of BRICS we have presented several lines of activities. NDB should support projects for economic growth and provide for this purpose the long-term financing available, which will ensure the stability of the infrastructure projects of the Bank

假币犯罪严重危害我国的货币信用和金融安全，历来是我国法律规制和司法打击的重点。实务界和理论界对于真假拼凑币的刑法定性一直争论不休，而司法解释将伪造和变造相结合制造真假拼凑币的行为一概认定为伪造货币罪，使得变造货币罪成为有名无实的一纸空文，严重混淆了伪造和变造的本质区别，明显是欠妥的。%Counterfeit money crimes are seriously harmful to China＇s monetary credit and financial security,which have always been the focus of legal regulation and judicial strike. Practitioners and theorists have been debating for the genuine patchwork currency of the Criminal Code qualitative. However, the judicial interpretation of forged and altered behavior which makes the patchwork currency all identified for counterfeiting currency,results in the remodeling currency crime a mere scrap of paper, seriously confusing the essential difference between the forgery and alteration. Obviously it is inappropriate.

Full Text Available Raising of problem. The current state of the real estate market is characterized by high inflation and a significant devaluation of national currency. In markets with mixed prices impact of devaluation and inflation against the foreign currency have most complex nature and usually leads to slower growth in prices in local currency and partial de-dollarization of the market. Provided that the value of the real estate market is denominated in local and foreign currency, it is necessary to solve the problem of correspondence between these prices. With this condition must be satisfied that the market prices in local currency correspond to the state of the real estate market on the valuation date. Purpose. Development of the method, which should take into account the particular valuation procedures in determining the market value of the local currency in terms of the existence of high inflation and a significant devaluation. The study of this problem, especially for the markets of emerging economics, is an urgent and important task of applied economic analysis and, in particular, the theory and practice of evaluation as part of this analysis. Conclusion. To achieve this goal have been developed and used techniques and methods of applied economic analysis and, in particular, the theory and practice of evaluation as part of this analysis. Satisfactory agreement obtained values and the market rent rate, which are responsible of the real estate market in a significant devaluation of local currency, confirm the position that the correction in market conditions ("discount on the offer price" and "market conditions" must be done in determining the market value so and the market rent rate.

Full Text Available The aim of the study is to determine the presence, type and nature of bacterial contamination on paper currency and coins in circulation. Total 96 paper currency and 48 coins of different denominations were randomly collected from butcher shop, vegetables seller, auto rickshaw and rickshaw man, chemist store, tuberculosis chest outpatient department (OPD and general OPD from the different areas of Lucknow city in a sterile paper bags. A total of 249/92 bacteria, 49/24 fungal isolates and 1/0 parasite were obtained from the paper currency and coins respectively. Different bacterial species were isolated with the most common isolates being Bacillus species (60.41%, 47.91% and followed by Escherichia coli (41.66%, 35.41%, Proteus species (39.58%, 42.0%, Klebsiella pneumoniae (35.41%, 12.5%, Coagulase-negative Staphylococcus (28.12%, 31.25%, Staphylococcus aureus (20.83%, 23.1%, Diphtheroids (17.70%, 0%, Enterococcus species (11.45%, 0%, Streptococcus pyogenes (11.45%, 0%, Salmonella species (2.08%, 0%, Shigella species (1.04%, 0% and acid fast Bacilli (2.08%, 0%. Different fungus that is, Aspergillus species (27.08%, 37.5%, Candida albicans (13.54%, 12.5%, Cladosporium cladosporioides (9.37%, 0% and Ascaris egg (1.04%, 0% were found in paper currency and coins respectively. These results suggest that the currency is commonly contaminated with microbes, and this contamination may play a role in the transmission of antibiotic resistant or potentially harmful organism. This work seeks to confirm microbial contamination of currency and also introduces the nature and levels of contamination of the Indian currency. The distribution of contamination was unexpectedly higher in unexpected locations, indicative of our wide ignorance and indifference toward contamination through this route.

Contamination rate of Ethiopian paper currency notes handled by various food handlers with Escherichia coli and antimicrobial susceptibility of the isolates was assessed. A total of 384 Ethiopian Birr (ETB) notes were randomly sampled from meat handlers at butchers, bread and the related food handlers at cafeteria, fruit and vegetables handlers at supermarket, and milk sellers both at open market and dairy station. Fifty control new currencies were also sampled from Commercial Bank of Ethiopia. Both surfaces of the currency were swabbed using wet sterile cotton. The swab was overnight incubated in buffered peptone water. A loop full was streaked on eosin methylene blue agar and followed by biochemical test on presumptive E. coli colonies. Randomly selected isolates were exposed to chloramphenicol (C-30 µg), neomycin (N-30 µg), oxytetracycline (OT-30 µg), polymyxin-B (PB-300 IU) and trimethoprim-sulfamethoxazole (SXT-1.25/23.75/µg) susceptibility using disc diffusion techniques. E. coli was not isolated from currency used as control. A total of 288 (75 %) currency notes were found carrying E. coli. E. coli prevalence was ranges from 67.2 % at open market milk sellers to 87.2 % at dairy station milk sellers; from 64.8 % on ETB 100 to 82.9 % on ETB 1. Differences were not observed in E. coli prevalence on currency notes from among almost all food handlers (P > 0.05). Susceptibility of tested isolates to each chloramphenicol, oxytetracycline and trimethoprim-sulfamethoxazole was 100 %, and to polymyxin-B was 97.3 %. High resistance (83.7 %) was observed to neomycin. The finding indicates, contaminated food can be a source of E. coli for further contamination of currency which again transfer through various foods ready for consumption.

Full Text Available Due to high national debt in several member states of the Euro-Currency-Area which led to huge relief programmes the single European currency Euro seems to be at risk. Bur neither inflation rates nor exchange rate movements of the Euro since 1999 up to 2011 give reasons to believe that an up to now success story of the Euro will come to a sudden end in shortness. On the other hand it often had been argued that increasing national debt will inevitably lead to higher inflation rates and will endanger a currency by permanent devaluation. But the institutional and legal framework of the European monetary policy, if used correctly, will give sufficient protection against inflation pressure due to increasing national debt. The most danger for the European currency or for the European-Currency-Area can be seen in drifting apart of national competiveness between the member states of the Euro- Area, especially due to an existing lack of coordination in wage policy. Different wage policies in the member states of the Euro-Area in the past had led to different national inflation rates and had caused calculated real exchange rate movements which had lasting influence on national competiveness, which hamper international trade in the case of real appreciation or which promote international trade in the case of real depreciation..

Full Text Available Optimization of currency portfolio structure of export industrial enterprises in the Republic of Belarus, by which we shall understand a currency structure of export contracts of an international enterprise, is considered as one of the most important problems in the financial management of an enterprise. Statement and analysis of industrial enterprise alternative costs and simultaneous investigation of tendencies pertaining to changes in the exchange rates give the possibility (under other equal status to reduce non-systematic risks in foreign trade. Diversification of industrial enterprise currency portfolios with the purpose to decrease financial risks and with due account of exchange rate correlation can lead to an increase of payments in Russian currency and Eurocurrency under enterprise export contracts. The given changes decrease currency risks in the foreign trade however they entail possible increase of the export share of products to the Russian Federation in total export volume of the Republic of Belarus that increases dependence of the Republic of Belarus on the Russian Federation as the main foreign trade partner.

Full Text Available This paper presents a currency recognition system using ensemble neural network (ENN. The individual neural networks (NNs in an ENN are trained via negative correlation learning. The objective of using negative correlation learning (NCL is to expertise the individuals on different parts or portion of input patterns in an ensemble. The available currencies in the market consist of new, old and noisy ones. It is often difficult for machine to recognize these currencies; therefore we propose a system that uses ENN to identify them efficiently. We performed our experiment for seven different types of TAKA (Bangladeshi currency which are 2, 5, 10, 20, 50, 100 and 500 TAKA. The image of different types note is converted in gray scale and compressed in the desired range. Each pixel of the compressed image is given as an input to the network. This system is able to recognize highly noisy or old image of TAKA. Ensemble network is very useful for theclassification of different types of currencies. It reduces the chances of misclassification than a single network and ensemble network with independent training. In experimental results we have shown this with artificially added noise in the test set. We also find good result for similar pattern available in market.

Full Text Available In nineties Serbia survived the disintegration of the former Yugoslavia, intense UN sanctions, and 1999 78 days of bombing by NATO. This has resulted in a drop in production and hyperinflation. The confidence in the national currency the dinar has been lost. In order to do business in Serbia returned to normal framework the Law on Foreign Exchange imposed the possibility of nomination the loans in foreign currencies. This prompted the business, but it meant a de facto legalization of dual currency system. The logical consequence was the high degree of dollarization. It is important to mention that the dual currency system limited the possibilities of monetary policy of the National Bank of Serbia. Dollarization after the first positive results showed their expected bad sides. Appreciation of the dinar was one of the consequences. The trade deficit and foreign debt grew. Due to the appreciation production rate remained at 40% of its 1989 level, and unemployment has risen to 27%. The benefit of the appreciation had only importers and foreign-owned banks. They take out the capital abroad. Therefore, it is necessary to make changes to the Foreign Exchange Law and abolish foreign currency clause at least for a new loans.

Full Text Available This article explores contemporary forms of social and solidarity-based economies, commonly known in French as économie sociale et solidaire (ESS. In English-speaking countries, these activities are part of what is being called the human or people-centered economy, or new economics—a growing area of research, policy and practice that is highly relevant to sustainable consumption studies. This article focuses on complementary currencies, or more specifically community currencies, as one aspect of ESS and as illustrated through case studies from Argentina, Japan, and Switzerland. The main research question is how community currencies might live up to ESS guiding principles and help transitions toward more sustainable consumption. Historical, empirical, and theoretical perspectives are discussed. One conclusion is that ESS and complementary currencies tend to make their value system explicit, placing people above profit for example, while “sustainability” continues to struggle with the compatibility of economic growth with social equity and environmental limits. While complementary currencies may not be a magic wand toward sustainable consumption, they are certainly a useful walking stick for steps in the direction of more sustainable pathways.

Full Text Available The purpose of this study is to describe and clarify the foreign currency translation problem and to suggest normative criteria by which various methodologies can be tested. The translation problem is presented as a set of four critical questions: (1 whether translation should be done, (2 what numbers to use to translate foreign currency accounts into the reporting currency, (3 what to do with the imbalance that results from translating different accounts with different numbers and (4 what, if anything, to do about changes in price levels. Several normative criteria are recommended for evaluating of various translation methodologies, some related specifically to earnings quality. It is further suggested that when empirical research is done to test various translation methodologies against normative criteria, (1 no translation at all and (2 price parity methodologies should also be tested.

Full Text Available The main purpose of this paper is to compare empirically four Value-at-Risk simulation methods, namely, the Variance-Covariance, the Historical Simulation, the Bootstrapping and the Monte Carlo. We tried to estimate the VaR associated to three currencies and four currency portfolios in the Tunisian exchange market. Data covers the period between 01-01-1999 and 31-12-2007. Independently of the used technique, the Japanese Yen seems to be the most risky currency. Moreover, the portfolio diversification reduces the exchange rate risk. Lastly, the number of violations, when they exist, does not generally differ between the simulation methods. Recent evaluation tests were applied to select the most appropriate technique predicting precisely the exchange rate risk. Results based on these tests suggest that the traditional Variance-Covariance is the most appropriate method.

In 1998 Garfield stated that “[t]he Mertonian description of normal science describes citations as the currency of science. Scientists make payments, in the form of citations, to their preceptors”. The idea of citations as a currency of science was also discussed by Wouters (1999) who suggested that the “role of the citation might also be compared with that of money, especially if the evaluative use of scientometrics is taken into account. Whenever the value of an article is expressed in its citation frequency, the citation is probably the most important unit of a ‘currency of science’”. Thus, citations have been seen as currency able to reward scientists for their work and scientific merit, being an integral part, together with authorship and acknowledgements, of the so-called “reward triangle” (Cronin & Weaver, 1995)2. This role of citations as main currency in evaluative scientometrics has gone unchallenged until recently. The emergence of new ways of measuring the reception of scientific publications by different audiences in the form of the so-called “altmetrics” (Haustein, et al. 2015a; Priem, et al. 2010) probably represents the most important attempt of expanding the system of currencies of science. However, research on altmetrics suggest that there are critical differences with citations: in coverage (Thelwall, et al. 2013), main characteristics (Haustein, et al., 2015), correlations (Costas, et al. 2015b; Haustein, et al. 2014), and interpretation (Haustein et al., 2016). These results essentially highlight the limited potential of most of these metrics as realistic alternatives to citations. (Author)

The aim of the study is to determine the presence, type and nature of bacterial contamination on paper currency and coins in circulation. Total 96 paper currency and 48 coins of different denominations were randomly collected from butcher shop, vegetables seller, auto rickshaw and rickshaw man, chemist store, tuberculosis chest outpatient department (OPD) and general OPD from the different areas of Lucknow city in a sterile paper bags. A total of 249/92 bacteria, 49/24 fungal isolates and 1/0...

Tools from chaos theory that have found recent use in analysing financial markets have been applied to the US Dollar and Euro buying and selling rates against the Turkish currency. The reason for choosing the foreign exchange rate in this analysis is the fact that foreign currency is an indicator of not only the globalization of economy but also savings and investment. In order to test the globality assumption and to ascertain the degree of involvement of local conditions in Turkey, the Euro and US dollar exchange rates have been subjected to the same analysis.

International cross-border private hospital chains need to apply the standards for foreign currency translation in order to consolidate the balance sheet and income statements. This not only exposes such chains to exchange rate fluctuations in different ways, but also creates added requirements for enterprise-level IT systems especially when they produce parameters which are used to measure the financial and operational performance of the foreign subsidiary or the parent hospital. Such systems would need to come to terms with the complexities involved in such currency-related translations in order to provide the correct data for performance benchmarking.

The trading between currencies in Islam when both parties’ responsibilities are postponed to the future has been regarded as non-halal or un-islamic. Since there are many controversies in the area of currency, there have been suggestions to enhance investments in gold to avoid the element of ‘syubhah’ or doubts since gold has been used in the past for many functions. Investment in gold has been in demand for the past few years especially in hedging strategies. In this paper, we study the rela...

Full Text Available This paper explores the potential of corporate monies (including electronic payment systems, non - banks and new forms of money, which we term corporafinance, supported by the capabilities of electronic commerce infrastructures that prov ides competition in the financial sector. The paper draws upon parallels from the industrial revolution, and the structures that emerged, as well as the evolution of money. The paper then explores complementary currencies and new structures that are emergi ng within the information revolution. In times of uncertainty within the financial markets complementary currencies and corporafinance may offer a stabilizing effect - even with systemic collapse of the traditional banking sector, electronic monetary activ ity may still flourish

Full Text Available The objective of this paper is to examine efficiency of the exchange-traded currency options market in India. Put-call-futures parity for the USD-INR currency options is studied by analyzing daily closing prices of options and futures for thirty two months on the National Stock Exchange. The study reveals frequent violations of the put-call-futures parity creating significant arbitrage opportunities. The pattern of mispricing varies when examined for time to maturity, option moneyness, liquidity and volatility of the underlying asset. These observations are consistent with those of studies of other young markets.

Since the Ringgit was de-pegged in the middle of June 2005, the awareness for Malaysian corporates to hedge its currency position has increased steadily. Past research works on the effects of hedging using derivatives on firm value remains mixed. The aim of this study is to find out the impact of currency derivatives usage on firm value in the context of Malaysian companies, utilizing a sample size of 20 non-financial firms, represented approximately 50% of the top 100 companies in term of ma...

... banks that offer services in dealing or changing currency to their customers as an adjunct to their..., career diplomatic or consular officers, or (B) Naval, military or other attaches of foreign embassies... to identify and reconstruct currency transactions with customers and foreign banks; (3) A record of...

This empirical study of the exchange rate exposure management of Danish non-financial firms listed on the Copenhagen Stock Exchange shows that debt denominated in foreign currency ("foreign debt") is a very important alternative to the use of currency derivatives. The results show that the relati...

The Chinese news media have a name for the craze that has gripped students here in the past few years: "overseas-study fever." And despite the worsening global financial crisis and a slowing domestic economy, it shows little sign of letting up. Recruiters say a high household savings rate, a difficult job market, and a steady currency,…

textabstractCredibility and legitimacy are required to improve the design and implementation of comple8 mentary currency systems (CCS) and to engage with public institutions, while depending on sustained support from funders. It is hence necessary to evidence the impact of CCS as effective and eff

This paper revisits the currency crises model of Aghion, Bacchetta and Banerjee (2000, 2001, 2004), who show that if there exist nominal price rigidities and private sector credit constraints, and the credit multiplier depends on real interest rates, then the optimal monetary policy response...

We construct multi-currency models with stochastic volatility and correlated stochastic interest rates with a full matrix of correlations. We first deal with a foreign exchange (FX) model of Heston-type, in which the domestic and foreign interest rates are generated by the short-rate process of

... open market rate, or any other appropriate rate. With respect to amounts described in paragraph (b) of... foreign currency, is due and payable to the Director of International Operations, Internal Revenue Service... disbursing officer and shall pay to the Director of International Operations in U.S. dollars the balance,...

Full Text Available In this paper the pricing of a specific service of currency exchange based on the retail exchange rate spreads is studied on the example of four international banking groups. The aim of this study is to explore pricing of currency exchange services based on bid-ask differences in some commercial banks and possible price discrimination in this segment of market comparing the behaviour of Western mothers and Eastern daughters in European international banking groups. The retail currency rate spreads in different bank groups and countries are compared with each other. The main results of the study are that statistically significant differences exist in the spreads set by banking groups in different countries. All banking groups in the pilot sample offer more favourable rates in Western countries indicating that the pricing policy of bank groups may be discriminatory. The volatility of spreads over different currencies suggests that different decision making mechanisms may be present in the groups depending on the location of banking unit. The results of this pilot study suggest that further research is needed to understand the extent and the mechanism of findings.

textabstractComplementary currencies develop all around the world, taking various forms (material or immaterial) and fulfilling various functions. They are frequently introduced in order to promote local economy development and to fight against social exclusion. In this paper, we analyze the particu

Central banks invest their foreign exchange reserves predominantly in government bonds. The global accumulation of reserves therefore affects the equilibrium in the market for government bonds of reserve currency countries. By means of a panel data analysis we examine the relationship between reserv

We examine the firm-level and country-level determinants of the currency denomination of small business loans. We introduce an information asymmetry between banks and firms in a model that also features the trade-off between the cost of debt and firm-level distress costs. Banks in our model don’t kn

We construct multi-currency models with stochastic volatility and correlated stochastic interest rates with a full matrix of correlations. We first deal with a foreign exchange (FX) model of Heston-type, in which the domestic and foreign interest rates are generated by the short-rate process of Hull

In this study, the endogenous money hypothesis is examined for the Argentinean economy employing exogeneity tests by using monthly data for the time period 1991-2001 within the frame of money and price relationship in a Currency Board-like system. Empirical results support the hypothesis which suggests that money supply is endogenous.

textabstractWe measure the economic value of information derived from macroeconomic variables and from technical trading rules for emerging markets currency investments. Our analysis is based on a sample of 21 emerging markets with a floating exchange rate regime over the period 1997-2007 and

textabstractWe measure the economic value of information derived from macroeconomic variables and from technical trading rules for emerging markets currency investments. Our analysis is based on a sample of 21 emerging markets with a floating exchange rate regime over the period 1997-2007 and explic

textabstractComplementary currencies develop all around the world, taking various forms (material or immaterial) and fulfilling various functions. They are frequently introduced in order to promote local economy development and to fight against social exclusion. In this paper, we analyze the

Full Text Available Fomites are a well-known source of microbial infections and previous studies have provided insights into the sojourning microbiome of fomites from various sources. Paper currency notes are one of the most commonly exchanged objects and its potential to transmit pathogenic organisms has been well recognized. Approaches to identify the microbiome associated with paper currency notes have been largely limited to culture dependent approaches. Subsequent studies portrayed the use of 16S ribosomal RNA based approaches which provided insights into the taxonomical distribution of the microbiome. However, recent techniques including shotgun sequencing provides resolution at gene level and enable estimation of their copy numbers in the metagenome. We investigated the microbiome of Indian paper currency notes using a shotgun metagenome sequencing approach. Metagenomic DNA isolated from samples of frequently circulated denominations of Indian currency notes were sequenced using Illumina Hiseq sequencer. Analysis of the data revealed presence of species belonging to both eukaryotic and prokaryotic genera. The taxonomic distribution at kingdom level revealed contigs mapping to eukaryota (70%, bacteria (9%, viruses and archae (~1%. We identified 78 pathogens including Staphylococcus aureus, Corynebacterium glutamicum, Enterococcus faecalis, and 75 cellulose degrading organisms including Acidothermus cellulolyticus, Cellulomonas flavigena and Ruminococcus albus. Additionally, 78 antibiotic resistance genes were identified and 18 of these were found in all the samples. Furthermore, six out of 78 pathogens harbored at least one of the 18 common antibiotic resistance genes. To the best of our knowledge, this is the first report of shotgun metagenome sequence dataset of paper currency notes, which can be useful for future applications including as bio-surveillance of exchangeable fomites for infectious agents.

We have examined the hierarchical structures of correlations networks among Turkey’s exports and imports by currencies for the 1996-2010 periods, using the concept of a minimal spanning tree (MST) and hierarchical tree (HT) which depend on the concept of ultrametricity. These trees are useful tools for understanding and detecting the global structure, taxonomy and hierarchy in financial markets. We derived a hierarchical organization and build the MSTs and HTs during the 1996-2001 and 2002-2010 periods. The reason for studying two different sub-periods, namely 1996-2001 and 2002-2010, is that the Euro (EUR) came into use in 2001, and some countries have made their exports and imports with Turkey via the EUR since 2002, and in order to test various time-windows and observe temporal evolution. We have carried out bootstrap analysis to associate a value of the statistical reliability to the links of the MSTs and HTs. We have also used the average linkage cluster analysis (ALCA) to observe the cluster structure more clearly. Moreover, we have obtained the bidimensional minimal spanning tree (BMST) due to economic trade being a bidimensional problem. From the structural topologies of these trees, we have identified different clusters of currencies according to their proximity and economic ties. Our results show that some currencies are more important within the network, due to a tighter connection with other currencies. We have also found that the obtained currencies play a key role for Turkey’s exports and imports and have important implications for the design of portfolio and investment strategies.

Bank Indonesia (BI) as the central bank of Republic Indonesiahas a single overarching objective to establish and maintain rupiah stability. This objective could be achieved by monitoring traffic of inflow and outflow money currency. Inflow and outflow are related to stock and distribution of money currency around Indonesia territory. It will effect of economic activities. Economic activities of Indonesia,as one of Moslem country, absolutely related to Islamic Calendar (lunar calendar), that different with Gregorian calendar. This research aims to forecast the inflow and outflow money currency of Representative Office (RO) of BI Semarang Central Java region. The results of the analysis shows that the characteristics of inflow and outflow money currency influenced by the effects of the calendar variations, that is the day of Eid al-Fitr (moslem holyday) as well as seasonal patterns. In addition, the period of a certain week during Eid al-Fitr also affect the increase of inflow and outflow money currency. The best model based on the value of the smallestRoot Mean Square Error (RMSE) for inflow data is ARIMA model. While the best model for predicting the outflow data in RO of BI Semarang is ARIMAX model or Time Series Regression, because both of them have the same model. The results forecast in a period of 2015 shows an increase of inflow money currency happened in August, while the increase in outflow money currency happened in July.

Currency plays an important role in economic transactions of Indonesian society. In order to guarantee the availability of currency, Bank Indonesia needs to develop demand and supply planning of currency. The purpose of this study is to get model and predict inflow and outflow of currency in KPW BI Region IV (East Java) with ARIMA method, time series regression and ARIMAX. The data of monthly inflow and outflow is used of currency in KPW BI Surabaya, Malang, Kediri and Jember.The observation period starting from January 2003 to December 2014. Based on the smallest values of out-sample RMSE and SMAPE, ARIMA is the best model to predict the outflow of currency in KPW BI Surabaya and ARIMAX for KPW BI Malang, Kediri and Jember. The best forecasting model for inflow of currency in KPW BI Surabaya, Malang, Kediri and Jember chronologically as follows are calendar variation model, transfer function, ARIMA, and time series regression. These results indicates that the more complex models may not necessarily produce a more accurate forecast as the result of M3-Competition.

... exposures of reporting institutions, determine the degree of risk in their portfolios, and assess the... reconciliation between these reports. After considering comments received and feedback from outreach conducted... that the data needed to report credit default swap (CDS) contracts on a basket, index, or portfolio...

This study investigated whether believing beauty is a primary currency for women operates as an antecedent force in the relation between self-objectification and gender activism. Ninety-four ethnically diverse women attending a small liberal arts college in the southeastern United States completed the study questionnaires online for course credit. Preliminary results demonstrated beauty as currency belief, self-objectification, and support for the gender status quo were negatively associated with gender activism. A serial mediation analysis revealed support for the proposed model: Beauty as currency belief was indirectly and inversely linked to gender activism through self-objectification and support for the gender status quo, offering initial evidence for our beauty as currency hypothesis. These findings suggest belief in the notion women will reap more benefits from their bodies than other attributes or pursuits may be an important legitimizing feature of feminine beauty ideology that works through self-objectification against gender social change.

Full Text Available In this paper we analyze the impact of currency devaluation on exports of three major economies of South Asian (i.e., Pakistan, Bangladesh and India over the period 1980 to 2012, by implementing the multiple regression models. Results reveales that currency devaluation encourages exports of Pakistan and Bangladesh. Lending interest rate significant negative effect in Pakistan and Bangladesh but insignificant in India. Government expenditure encouraged the export of Pakistan while not significaant in Bangladesh while depress in India. Money supply also enhanced the export of Pakistan, Bangladesh and India. Result suggest that concerned authorities should manage and use the resources properly in such a way which may assist to develop the economies.

Full Text Available The paper investigates developments of exchange rate time series of Central European currencies and tries to find evidence of some stylised facts. Statistical methods and an econometric approach to the univariate time series modelling of high-frequency data, i.e., daily, are used. The main conclusions are as follows: (1 All the CE nominal exchange time series are not stationary: nevertheless, stationarity of all the return time series was confirmed. (2 Volatility clustering was proven and the GARCH modelling approach was successfully applied, including asymmetric modelling of volatility. (3 The more flexible an exchange rate regime is, the more volatile the respective currency. This is true for both nominal and real exchange rates. While nominal volatility is lower than real volatility in a system of fixed or less flexible exchange rates, the opposite is true for flexible systems: exchange rate volatility is higher in nominal terms than in real terms.

In a system containing a large number of interacting stochastic processes, there will typically be many nonzero correlation coefficients. This makes it difficult to either visualize the system’s interdependencies, or identify its dominant elements. Such a situation arises in foreign exchange (FX), which is the world’s biggest market. Here we develop a network analysis of these correlations using minimum spanning trees (MSTs). We show that not only do the MSTs provide a meaningful representation of the global FX dynamics, but they also enable one to determine momentarily dominant and dependent currencies. We find that information about a country’s geographical ties emerges from the raw exchange-rate data. Most importantly from a trading perspective, we discuss how to infer which currencies are “in play” during a particular period of time.

An automatic recognition system for Paper Currency Numbers was developed in this paper. The paper currency number can be recognized and recorded by this system at the same time of binding. At First, an image of 8 bits grey-scale was acquired by CCD camera, and then some output number clusters can be through process of segmentation by Grey Ridge-Valley algorithm, orientation by projection, and character recognition by structure-analyzing algorithm. Results of experiments demonstrated that the proposed algorithm of gray ridges and valleys can extract feature effectively, the algorithm of distance of traversing number body orientation acute, and this system achieves a high recognition rate and a fast recognition speed. It still reached the practical degree. The system has applied national patent.

Full Text Available The study set out to test the McKinnon-Shaw proposition that financial liberalization will significantly increase savings mobilization. The results partly supported the financial liberalization proposition. Variables that capture the effects of currency substitution such as the interest rate differential, a proxy for underground economy, the inflation differential (as a measure of macroeconomic instability and a dummy for political instability were significant in their adverse impacts on the saving mobilization process in Nigeria. We, therefore, advocate for an active monetary policy that will help manage the delicate balance between domestic and foreign interest rates. This should be combined with macroeconomic policies that create a stable economic environment along with appropriate financial and exchange rate policies, in order to discourage economic agents from preferring foreign denominated assets to those held in the domestic currency.

The United States Bureau of Engraving and Printing (BEP) is tasked with the function of producing billions of banknotes each year to be used by the general public throughout the world. Individual notes must maintain uniform consistency for both security features and print quality. The quality control process necessary to assure the uniform nature of United States currency requires a significant multi-tiered approach. Based on innovative opto-electronic techniques, individual security features are examined as a critical element during each phase of the production process. Print quality standards must also be strictly maintained and monitored to assure the uniformity of the most popular printed item in the world. This presentation describes the approach and some of the techniques developed and implemented within the BEP to carry out the necessary monitoring and control of the quality of intaglio currency printing plates.

We propose a general framework for efficient pricing via a partial differential equation (PDE) approach for exotic cross-currency interest rate (IR) derivatives, with strong emphasis on long-dated foreign exchange (FX) IR hybrids, namely Power Reverse Dual Currency (PRDC) swaps with a FX Target Redemption (FX-TARN) provision. The FX-TARN provision provides a cap on the FX-linked PRDC coupon amounts, and once the accumulated coupon amount reaches this cap, the underlying PRDC swap terminates. Our PDE pricing framework is based on an auxiliary state variable to keep track of the total accumulated PRDC coupon amount. Finite differences on uniform grids and the Alternating Direction Implicit (ADI) method are used for the spatial and time discretizations, respectively, of the model-dependent PDE corresponding to each discretized value of the auxiliary variable. Numerical examples illustrating the convergence properties of the numerical methods are provided.

Full Text Available A shareholder theory of firm and a stakeholder theory of firm may differ in their respective evaluation method of firm performance. Both theories however recognize the importance of value creation as the economic role of firms as institutions. The New Institutional Economics (NIE emphasizes incentives alignment, while also viewing stakeholder engagements as methods to expand the boundaries of firms. The difference in performance evaluation between the two approaches can be reduced if stakeholders, while formulating incentive alignment, also evaluate the mechanisms of establishing a common currency value. The concomitant development of stakeholder engagement, incentive alignment, and value currency creation is argued to be an evolutionary process with the efficiency implications of the two theories tending to converge.

Full Text Available Almost every country in the world face the problem of counterfeitcurrency notes, but in India the problem is acute as the country ishit hard by this evil practice. Fake notes in India in denominationsof Rs.100, 500 and 1000 are being flooded into the system. Inorder to deal with such type of problems, an automated recognitionof currency notes in introduced by with the help of featureextraction, classification based in SVM, Neural Nets, and heuristicapproach. This technique is also subjected with the computervision where all processing with the image is done by machine.The machine is fitted with a CDD camera which will scan theimage of the currency note considering the dimensions of thebanknote and software will process the image segments with thehelp of SVM and character recognition methods. ANN is alsointroduced in this paper to train the data and classify the segmentsusing its datasets. To implement this design we are dealing withMATLAB Tool.

Full Text Available I am going to concentrate my concern on the discussion of the diversification of the existing world currency system, because in the view of the majority of Chinese economists it is closely linked to the future directions and destinations of China’s domestic financial reform, to China’s policies regarding Asia’s financial collaborations, and to the positioning of RMB in the world in the coming years. It is almost commonly accepted among Chinese economists that China is on the way to form its international financial strategies that contain three objectives: properly re-visiting the Bretton Woods system in today’s context, actively pushing foreward the region-wide financial cooperation of an Asian single currency as a core, and gradually internalizing RMB.

There is intense interest in understanding the stochastic and dynamical properties of the global Foreign Exchange (FX) market, whose daily transactions exceed one trillion US dollars. This is a formidable task since the FX market is characterized by a web of fluctuating exchange rates, with subtle inter-dependencies which may change in time. In practice, traders talk of particular currencies being 'in play' during a particular period of time -- yet there is no established machinery for detecting such important information. Here we apply the construction of Minimum Spanning Trees (MSTs) to the FX market, and show that the MST can capture important features of the global FX dynamics. Moreover, we show that the MST can help identify momentarily dominant and dependent currencies.

Full Text Available My thesis is that, in the “age of markets” in Europe the Euro is of central importance for creating (or destroying already established structures of European identity (at least in parts of Europe – with Great Britain taking a very remote position. I emphasize the theoretical aspects (Aftalion´s Psychological Theory of Exchange Rates; Simmel: Philosophie des Geldes to emphasize the importance of PR. I concentrate on historical cases – mainly German experiences – e.g. the campaign against the Rubel; the ideas of Ivy Lee; the PR-campaigns of the Nazi-government to fight inflation. The introduction of the German Mark (“die Deutsche Mark”, which became a central aspect of German national identity, and the campaign to give up this currency (“harte Währung” in order to introduce the “weak” Euro. In this context I discuss campaigns against the Euro (“only idiots want the Euro”. In the final remarks I refer to the role of rating agencies and trust in currencies and countries. It is my thesis that the analysts of the rating agencies live in a “world of literary images” and are acting in a completely irresponsible way (but even more incompetent are the politicians accepting the ratings without knowing anything about the problem of commensuration.

Full Text Available Abstract The literature on transnational legal orders (TLOs establishes new criteria for the elaboration of analyses regarding complex legal and economic issues which transcend the nation state. By looking into the so-called "currency war" controversy of 2010-2013, the paper argues that TLO theory remains limited in its ability to shed light on relevant aspects of cross-border impacts of monetary policy changes.

Full Text Available The article examines the nature of a currency war as signs of neoprotectionism in terms of global challenges the global monetary system which came in yet another transformation period has faced. We analyze a mechanism of performance of competitive devaluations as a tool for improving the competitiveness of national economies. It is given the author's interpretation of the financial instruments of neo-protectionism thorough a thorough study of the latter.

This paper provides empirical evidence on two potential costs of shared ownership of German affiliates abroad. First, in periods of currency crises, wholly-owned affiliates, in contrast to partially-owned affiliates, seem to circumvent financial constraints by accessing capital from their parent companies. In terms of differences in performance regarding sales of both types of firms, wholly-owned affiliates have a significantly better sales performance than partially-owned affiliates in perio...

Abstract This paper provides empirical evidence on two potential costs of shared ownership of German affiliates abroad. First, in periods of currency crises, wholly-owned affiliates, in contrast to partially-owned affiliates, seem to circumvent financial constraints by accessing capital from their parent companies. In terms of differences in performance regarding sales of both types of firms, wholly-owned affiliates have a significantly better sales performance than partially-owned...

This essay assesses the impact of global market integration in the currency trading industry as the market interfaces with states, with firms and with individuals, and raises questions for research from a variety of disciplines. Issues discussed include the question of state control in global markets, the impact of globalization on firm structures and processes, how firms can derive competitive advantage from global circadian rhythms, and the influences of the circadian rhythms of the global ...

Using panel data for 68 countries over the period 1975-2002 this paper examines how IMF programs, disbursed loans, and compliance with conditionality affect the risk of currency crises and the outcome of such crises. Specifically, we investigate whether countries with previous IMF intervention are more likely to experience currency crises. In a second step, we analyze the IMF's impact on a country's decision to adjust the exchange rate, once a crisis occurred. We find that IMF involvement red...

Full Text Available In the current post-crisis era, the events with the highest probability to move the financial markets are the announcements of financial authorities concerning the quantitative easing decisions. The objective of this paper is to build an analysis of the existence of connections among the GBP currency pairs in terms of regime switching that could be related to the moments when the Bank of England generated announcements about its monetary decisions.

Full Text Available As in the practice of the currency exchange offices in Romania I found the lack of a consistent method for reflecting foreign exchange transactions, in this paper I will present a comparison aiming to shed light on the correct method to be used by such entities. In this respect, I will compare the daily determination method with the monthly method (for both revenues related to the turnover and for foreign exchange differences.

There is a lack of research in the area of hedging future contracts, especially in illiquid or very volatile market conditions. It is important to understand the volatility of the oil and currency markets because reduced fluctuations in these markets could lead to better hedging performance. This study compared different hedging methods by using a hedging error metric, supplementing the Receding Horizontal Control and Stochastic Programming (RHCSP) method by utilizing the London Interbank Offered Rate with the Levy process. The RHCSP hedging method was investigated to determine if improved hedging error was accomplished compared to the Black-Scholes, Leland, and Whalley and Wilmott methods when applied on simulated, oil, and currency futures markets. A modified RHCSP method was also investigated to determine if this method could significantly reduce hedging error under extreme market illiquidity conditions when applied on simulated, oil, and currency futures markets. This quantitative study used chaos theory and emergence for its theoretical foundation. An experimental research method was utilized for this study with a sample size of 506 hedging errors pertaining to historical and simulation data. The historical data were from January 1, 2005 through December 31, 2012. The modified RHCSP method was found to significantly reduce hedging error for the oil and currency market futures by the use of a 2-way ANOVA with a t test and post hoc Tukey test. This study promotes positive social change by identifying better risk controls for investment portfolios and illustrating how to benefit from high volatility in markets. Economists, professional investment managers, and independent investors could benefit from the findings of this study.

Full Text Available The Forex market is a very interesting market. Finding a suitable tool to forecast currency behavior will be of great interest. It is almost impossible to find a 100 % reliable tool. This market is like any other one, unpredictable. However we developed a very interesting tool that makes use of WebCrawler, data mining and web services to offer and forecast an advice to any user or broker.

This paper suggests that the dollar is not threatened as the hegemonic international currency, and that most analysts are incapable of understanding the resilience of the dollar, not only because they ignore the theories of monetary hegemonic stability or what, more recently, has been termed the geography of money; but also as a result of an incomplete understanding of what a monetary hegemon does. The hegemon is not required to maintain credible macroeconomic policies (i.e., fiscally contrac...

To study the approximation of foreign currency option prices when the underlying assets'price dynamics are described by exponential Lévy processes, the convolution representations for option pricing formulas were given, and then the fast Fourier transform(FFT) algorithm was used to get the approximate values of option prices. Finally, a numerical example was given to demonstrate the calculate steps to the option price by FFT.

We analyse the spillover of the turmoil in money markets in the second half of 2007 to FX swap and long-term cross-currency basis swap markets. We find that the use of swap markets to overcome US dollar funding shortages by non-US financial institutions resulted in marked deviations from covered interest parity conditions and the impairment of liquidity in these markets.

Full Text Available Currency is widely assumed to have a comparative advantage over checks for the payment of purchases of goods and services that individuals wish to conceal from the authorities. A rise in currency stocks and payments may be taken as a rough indicator of the extent to which these transactions may not be reported to government authorities.The paper aims to estimate the size of subterranean economy using the simple currency ratio method of Gutmann for quarterly data covering the period 2000-2010. Thus, the study analyzes the ratio of currency to demand deposits in order to estimate the amount of economic activity in the subterranean economy.The empirical results point out that the illegal economic activities are about four billion RON at the middle of 2000; it constitutes 17.4 percent of the official GNP. During the period 2001-2004, illegal economic activities follow a downward path reaching 9.5% of official GNP at the end of 2004. For the period 2004-2006, unofficial economic activities fit a slow upward trend until the second quarter of 2006, for which the size of subterranean economy reaches the value of 12.3% of official GNP.Beginning with 2007, the amount of illegal activities as % of official GNP begin to decrease until the third quarter of 2008, which is the base year in which no shadow economy is supposed to exist. For the last years, the ratio of subterranean economy to official economy increased slowly, reaching about 9.3% in the second quarter of 2010.

Full Text Available The article inquires into the relation established in the Republic between the two meanings of ousia: property in the sense of possessions and wealth, and essence or substance. Besides the economic relations associated with loans, exchange, and interest, the paper examines the role of currency in the economy, with respect to ousia, as a means of dissociating wealth from possessions, thus achieving a degree of universality comparable to that of being itself.

This paper considers women's participation in foreign currency earning activities in Sri Lanka. The author first analyzes the structure of women's participation patterns in the major foreign currency earning activities in the country, including consideration of their wage levels and the impact of ethnicity, age, educational levels, and skills upon the different components of those activities in which women participate. She then probes the applicability for Sri Lanka of Guy Standing's argument that structural adjustment policies (SAP) have triggered a change in labor force practices leading to a feminization through flexible labor. Many studies have shown that cutbacks in subsidies mandated by SAPs and initiated in the 1980s among developing countries have adversely affected poor women. Women have adjusted to the new situation in a variety of ways, ranging from cutting their household budgets for basic needs to seeking income-generating work in the informal sector and participating in labor-intensive manufacturing activities. In closing, the author assesses the degree to which the new demands made upon women resulting from the effect of SAPs upon their households have stimulated women's increasing participation in foreign currency earning activities.

Full Text Available A good portfolio optimization on banks’ currency holdings not only helps meet their needs but also it increases banks’ total assets. During the past few months, US sanctions against Iran has influenced profitability banking currency portfolio holding. The proposed model of this paper considers the weekly information of two years before and after sanctions occurred in Iranian banking system. Therefore, the study uses 210 weekly data and proposes a method to analyze the data to measure the performance of banking currency portfolio after sanction happens. The proposed model of this paper provides lost profit and unrealized loss and using the idea of Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS we rank the resulted data. Next, we use some parametric and non-parametric methods to see whether there is any change as a result of sanction on the performance of the portfolio. The results indicate that not only the performance of the portfolio was reduced but also the variance of the return after sanction has been increased.

Full Text Available The main aspects of the financial market influencing the country’s economy are considered in the article. In this field certain historical facts connected with the financial market are outlined. These facts show the USA economy influence on the world’s economics space determining the countries’ ability to resist financial expansion and insure their economies securities. Sustainable economic system capable to reserve the country’s sovereignty and to resist outer economic and political pressure is required for this activity. The basic aspects of the world currency system are given, the essence of some of them is revealed, some proposals are made that could stabilize the economies of the dollar-dependent countries. Besides, the article highlights the necessity to own gold reserve which means some extent secures to the country’s sovereignty. The agriculture investing perspective in case of inflation rate alignment is highlighted. The factors that influence the rate of the currency are given. Competitive ability of domestic products that have great influence on the country’s foreign trade is pointed out as the main factor in the relevance of the topic. To confirm some ideas of the article the opinions of scholars, known throughout the world as economists and philosophers are given. The topic of the welfare of the citizens of the country in periods of currency fluctuations has been considered and the recommendations for the improvement of their own position have been made

Full Text Available The paper is focused on analysis of return on speculative operations with futures contracts from the view of participators not undertaking and undertaking the currency risk. The currency risk is determined by unexpected change of relevant exchange rate (currency denomination of futures contracts / domestic currency of participator. The paper analyses the basic factors influencing the profitability of these operations such as relative change of futures contract value, leverage incidence and relative change of relevant exchange rate. The paper is focused on futures contracts of the world most important agricultural commodities. The conclusion of the paper for participators not undertaking the currency risk is following: The relative change of futures contract is main factor for the calculation of return on speculative operation. This change is multiplied by leverage incidence finally. The conclusion of the paper for participators undertaking the currency risk is following: The relative change of relevant exchange rate is not usually relevant for the calculation of return on speculative operation. Main factor is the relative change of futures contract because this change is multiplied by leverage incidence finally but the relative change of relevant exchange rate isn’t.Neverthless the conclusions of this paper are not valid only for futures contracts of agricultural commodities but generally also for other commodity futures contracts and futures contracts where underlying assets are not commodities but for example financial assets.

认定假币形成方式是鉴别假币的首要任务。本文基于大量实际案件中收缴的假币票样，探究印刷版、打印版和复印版假币的区分方法，进一步通过比对喷墨、激光打印机打印样本，对相应假币的打印机品牌予以推断。采用 VSC6000文检仪和立体显微镜观察，从图文特征、细节差异、墨点形成特征等，解析印刷、彩色打印、彩色复印这三类假币形成方式的差异；通过图文规则程度、色彩搭配等，区分单色印刷和四色印刷；通过墨点大小、堆积形态、墨点间距等特征，区分三类主要彩色喷墨打印机品牌（佳能、惠普、爱普生）的喷墨打印特征，进而推断喷墨打印版假币的具体品牌；通过对彩色激光打印机的跟踪暗码形状分析，区分不同品牌激光打印机，进而推断彩色激光打印版假币的品牌。通过比较，找到了区分印刷、打印、复印版假币的标志性特征，进而区分了单色印刷和四色印刷特征。应用该方法，分别认定了一起假币案件所缴获的假币票样具有爱普生彩色喷墨打印特征；另一起假币案件缴获的假币则具有富士施乐彩色激光打印特征。%Crimes of counterfeiting currency have been getting more complicated in recent years as there are more and more phony money printed by printing presses, laser printers, inkjet printer and the offset. The criminals have been improving the forging techniques by modifying their printing machines, printing ink, and paper in order to replicate the security features of RMB in great detail. Identification of the counterfeiting methods plays a significant role in providing clues for counterfeit crime investigation. In this paper, the counterfeit currency seized from the crime scene was studied together with samples printed by printing press, color printer and color copier. The research was also conducted to detect whether the counterfeits were

在明确界定货币本质的基础上，通过系统梳理涉及货币异化思想的相关文献，给出了货币异化的全面内涵，结合现实经济中存在的铸币税、高利贷和被用作投机的金融衍生品等现象，归纳了货币异化的三个具体表现。研究发现，货币异化是经济运行中部分货币偏离其本质，而异化为政府达到政策目标的工具、被交易对象、投机工具的一种现象，它会影响政府预测货币供给量的准确性、放大金融机构的风险。因此，深入研究货币异化相关理论，对政府科学推测货币供给量及金融机构揭示风险有一定的启示作用。%In this paper, we clearly define the exchanging medium nature of money, and then by reviewing related literatures, provide a comprehensive notion of currency variation. In addition, combining such phenomena as seigniorage, usurious loan and financial derivatives serving speculation, we conclude three performances of currency variation that partial money is not an exchanging media but a government tool for achieving policy objectives, a to be exchanged and a speculative instrument. So the in - depth study of currency variation has certain enlightenment for the government to forecast money supply accurately and for financial institutions to reveal default risks.

Ideas about temporal (and spatial) scale impact students' understanding across science disciplines. Learners have difficulty comprehending the long time periods associated with natural processes because they have no referent for the magnitudes involved. When people have a good "feel" for quantity, they estimate cardinal number magnitude linearly. Magnitude estimation errors can be explained by confusion about the structure of the decimal number system, particularly in terms of how powers of ten are related to one another. Indonesian children regularly use large currency units. This study investigated if they estimate long time periods accurately and if they estimate those time periods the same way they estimate analogous currency units. Thirty-nine children from a private International Baccalaureate school estimated temporal magnitudes up to 10,000,000,000 years in a two-part study. Artifacts children created were compared to theoretical model predictions previously used in number magnitude estimation studies as reported by Landy et al. (Cognitive Science 37:775-799, 2013). Over one third estimated the magnitude of time periods up to 10,000,000,000 years linearly, exceeding what would be expected based upon prior research with children this age who lack daily experience with large quantities. About half treated successive powers of ten as a count sequence instead of multiplicatively related when estimating magnitudes of time periods. Children generally estimated the magnitudes of long time periods and familiar, analogous currency units the same way. Implications for ways to improve the teaching and learning of this crosscutting concept/overarching idea are discussed.

Ideas about temporal (and spatial) scale impact students' understanding across science disciplines. Learners have difficulty comprehending the long time periods associated with natural processes because they have no referent for the magnitudes involved. When people have a good "feel" for quantity, they estimate cardinal number magnitude linearly. Magnitude estimation errors can be explained by confusion about the structure of the decimal number system, particularly in terms of how powers of ten are related to one another. Indonesian children regularly use large currency units. This study investigated if they estimate long time periods accurately and if they estimate those time periods the same way they estimate analogous currency units. Thirty-nine children from a private International Baccalaureate school estimated temporal magnitudes up to 10,000,000,000 years in a two-part study. Artifacts children created were compared to theoretical model predictions previously used in number magnitude estimation studies as reported by Landy et al. (Cognitive Science 37:775-799, 2013). Over one third estimated the magnitude of time periods up to 10,000,000,000 years linearly, exceeding what would be expected based upon prior research with children this age who lack daily experience with large quantities. About half treated successive powers of ten as a count sequence instead of multiplicatively related when estimating magnitudes of time periods. Children generally estimated the magnitudes of long time periods and familiar, analogous currency units the same way. Implications for ways to improve the teaching and learning of this crosscutting concept/overarching idea are discussed.

In the first year of Xianfeng （ 1851 ）, Wang Maoyin presented a memorial to the throne with the Report on Currency, and suggested the Qing royal court to issue money to solve the financial difficulty. Again he presented a memorial to the throne with the Second Report on Currency, and stood for exchanging the official bank notes issued by the Ministry of Revenue and the treasured money issued by the Qing royal court for the money of credit, in order to stop the inflation and money devaluation. Wang Maoyin considered that paper money was false and silver was solid, putting forward the currency standpoint as being solid for false. Wang Maoyin opposed casting large - valued coins, especially the ones more than 50 be cause he thought that large - valued coins just meant taking falseness as solidness：%王茂荫在咸丰元年（1851年）上《条议钞法折》，建议清廷发钞以解决财政困难，又在咸丰四年（1854年）上《再议钞法折》，主张对新发行的户部官票和大清宝钞兑现银两，成为信用货币，制止已经发生的通货贬值。他认为“纸虚银实”，提出了“以实运虚”的货币观点。王茂荫反对铸大钱，尤其反对铸当五十以上的大钱，认为大钱“以虚作实”“似实而虚”。

Full Text Available Because the volume of currency issued by a country always affects its interest rate, price index, income levels, and many other important macroeconomic variables, the prediction of currency volume issued has attracted considerable attention in recent years. In contrast to the typical single-stage forecast model, this study proposes a hybrid forecasting approach to predict the volume of currency issued in Taiwan. The proposed hybrid models consist of artificial neural network (ANN and multiple regression (MR components. The MR component of the hybrid models is established for a selection of fewer explanatory variables, wherein the selected variables are of higher importance. The ANN component is then designed to generate forecasts based on those important explanatory variables. Subsequently, the model is used to analyze a real dataset of Taiwan's currency from 1996 to 2011 and twenty associated explanatory variables. The prediction results reveal that the proposed hybrid scheme exhibits superior forecasting performance for predicting the volume of currency issued in Taiwan.

Full Text Available The universal adoption of fiat currencies and of the fractional reserve banking system coincided with access to and ability to utilize energy-dense fossil fuels leading to unprecedented rates of economic expansion. The depletion of economically recoverable fossil fuels though sets the stage for systemic crises as it is not adequately priced in the current market system. An energy-based system of exchange can be adopted in parallel to or in place of fiat currencies in order to facilitate a sustainable energy transition (SET and mitigate the impacts of such crises. Energy-backed and energy-referenced currencies are discussed as two possible variants for their ability to realign the economic system to the thermodynamic limits of the physical world. The primary advantage of an energy-referenced currency over the current mechanisms for SET (like feed-in tariffs or carbon taxes is realized with the decoupling of the monetary and credit functions, especially when debt is tied to future energy availability. While energy-backed (credit systems can be easier to adopt on a regional scale, the full transition to an energy-reference currency system requires significant reform of the financial and monetary system although it would not radically disrupt the current economic valuations given the high degree of correlation between value and embodied energy.

Full Text Available The purpose of this paper is to develop an airline seat inventory control model which will capitalise on currency differentials that exist between city pairs. The approach taken here is to maximise Expected Marginal Seat Revenues as proposed by Belobaba for non-nested fare classes. the basic Expected Marginal Seat Revenue model is extended to explicitly include the effects of overbooking. Data from the South African Airways return flight between Cape Town and London is utilised to demonstrate the model.

Full Text Available Purpose: The purpose of this paper is to present a theory that defi nes the creation of an area that includes many countries, in which there is one, single currency and the countries are characterized by a diversifi ed productivity. That is why the paper shows the importance of labor productivity parity for the creation of an integrating and non-discriminatory currency area and indicates the role of this value in the theory of the exchange rate. Additionally, the paper analyzes the risks arising from joining the eurozone. Methodology: The basic methodology is defi ned by a fundamental analysis of the exchange rate and its relations to labor productivity parity. The author formulates a theory of a currency area that integrates economies with different levels of labor productivity. The methodology is supplemented by calculations and a ranking of countries according to the Q-index. Findings: Listing the member countries and candidate countries of the eurozone according to the labor productivity index has demonstrated that the founding member states are characterized by a Q-index close to 3.30. The countries that are already in the eurozone with an index of less than 2.5 belong to the group where problems are accumulating. Countries that are candidates for the eurozone with an index below 2.0, such as Poland, cannot become member of the eurozone. The principles of creating a currency area can however be modifi ed in such a way that countries with various levels of Q can become members, by developing cooperation that is benefi cial to the socio-economic development. Originality: The labor productivity index Q is a result of elaborating an original concept of the production function that is suitable for the purposes of economic analysis. According to this function the Q-index is equivalent to the category labor share and the variable F corresponds to TFP. The function overcomes the disadvantageous features of econometric models of production identifi

Recently, it has been shown that inter-transaction interval (ITI) distribution of foreign currency rates has a fat tail. In order to understand the statistical property of the ITI dealer model with N interactive agents is proposed. From numerical simulations it is confirmed that the ITI distribution of the dealer model has a power law tail. The random multiplicative process (RMP) can be approximately derived from the ITI of the dealer model. Consequently, we conclude that the power law tail of the ITI distribution of the dealer model is a result of the RMP.

Gambling has attracted people since ancient times. This empirical paper surveys and investigates the nature of corporate speculation done by Danish non-financial companies on the currency markets. The empirical results show that such speculation is widespread and that the extent of speculation...... is positively linked to the size of the company, to the degree of foreign involvement, and to the conservatism of the capital structure. The empirical results also show that if a person (often the founder or his relatives) is the largest shareholder in the company, the extent of speculation is reduced...

Daily fluctuations of the American dollar-Mexican peso exchange currency market are studied using multifractal analysis methods. It is found evidence of multiaffinity of daily fluctuations in the sense that the qth-order (roughness) Hurst exponent Hq varies with changes in q. It is also found that there exist several characteristic time scales ranging from week to year. Accordingly, the market exhibits persistence in the sense that instabilities introduced by market events acting around the characteristic time scales (mainly, quarter and year) would propagate through the future market activity. Some implications of our results on the regulation of the dollar-mexpeso market activity are discussed.

Full Text Available The main goal of this paper is to investigate empirically whether the adoption of the common currency increases the export activity of individual frms using the probity model. There are many studies that seek to estimate the aggregate trade effects of the adoption of the euro by the “outside” EU countries, which are based on the gravity model. In contrast to the existing literature we use an alternative micro econometric approach based on firm level data compiled by the EBRD and the World Bank. We demonstrate that the propensity to export of individual frms from Slovenia and Slovakia increased after the accession of those countries to the Eurozone.

... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Location of a national bank conducting electronic activities. 7.5008 Section 7.5008 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE... because the bank's products or services are accessed through electronic means by customers located in the...

Electronic currency changed People’s Daily life and the mode of payment, brings the huge challenge for the conduct of monetary policy. In this article, through the method of empirical analysis, with the consumption amount in the bank card and the amount of transfer data on behalf of electronic currency, and money multiplier mod-el,found that electronic money using the money multiplier has certain effect to enlarge,increase the endogenous mon-ey supply,reduce the central bank to control money supply,increased the difficulty of the central bank's monetary pol-icy implementation. Electronic money has substitution effect to cash, cash in circulation to demand deposits, sped up the currency circulation speed at the same time,has important effects on money supply.%电子货币改变了人们的日常生活和支付方式，对货币政策的实施带来巨大的挑战。本文通过实证分析的方法，分别以银行卡中的消费金额和转账金额数据代表电子货币，建立与货币乘数的相关模型，研究发现电子货币与货币乘数之间存在着稳定的均衡关系，电子货币对货币乘数具有放大作用，增大了货币乘数的内生性。电子货币对现金有替代作用，促使流通中的现金向活期存款转化，同时加快了货币的流通速度，降低了央行对货币供给量的控制，增加了央行货币政策实施的难度。

The objective of this research is to examine the trends in the exchange rate markets of the ASEAN-5 countries (Indonesia (IDR), Malaysia (MYR), the Philippines (PHP), Singapore (SGD), and Thailand (THB)) through the application of dynamic moving average trading systems. This research offers evidence of the usefulness of the time-varying volatility technical analysis indicator, Adjustable Moving Average (AMA') in deciphering trends in these ASEAN-5 exchange rate markets. This time-varying volatility factor, referred to as the Efficacy Ratio in this paper, is embedded in AMA'. The Efficacy Ratio adjusts the AMA' to the prevailing market conditions by avoiding whipsaws (losses due, in part, to acting on wrong trading signals, which generally occur when there is no general direction in the market) in range trading and by entering early into new trends in trend trading. The efficacy of AMA' is assessed against other popular moving-average rules. Based on the January 2005 to December 2014 dataset, our findings show that the moving averages and AMA' are superior to the passive buy-and-hold strategy. Specifically, AMA' outperforms the other models for the United States Dollar against PHP (USD/PHP) and USD/THB currency pairs. The results show that different length moving averages perform better in different periods for the five currencies. This is consistent with our hypothesis that a dynamic adjustable technical indicator is needed to cater for different periods in different markets.

Hyperspectral imaging allows the intensity of narrow and adjacent spectral bands over a large spectral range to be recorded, giving rich spectral information for each pixel in the imaged region. The spectral characteristics of each point in the imaged region can thus be detected, which is useful for quantification and classification. Hyperspectral imaging has been used in many applications such as remote sensing, quality assessment of agro-food products, biomedical imaging and document counterfeit application. This paper presents a pushbroom spatial-scanning imager, which gives a higher spectral resolution over a broad spectral range. Although a spatial-scanning imager may be slower due to the need to perform mechanical scanning, such a high spectral resolution is especially important in applications where the capability to perform classification is much more important than speed. The application of this system is demonstrated for currency counterfeit detection applications. The high spectral resolution of a pushbroom imager is able to capture fine spectral details of the samples used in this research, providing important information required for classification. Using this technique, the reflectance is acquired from specific regions of a genuine and counterfeit note. The spectra of the same region from both notes are then compared to distinguish and delineate the differences between them. The spectrum acquired from a genuine note can then be used as a reference from which future comparison can be based upon for identifying currency counterfeit and related relevant applications.

Full Text Available This study investigates the shadow economy of Czech Republic and the associated losses in tax revenue. The presence of a shadow economy may not necessarily be bad for the economies in which they prevail but they could cause huge losses to government revenue and could also constitute serious violation of labour regulations. The study uses the Currency Demand Approach. It measures the size of the shadow economy in two stages: a the econometric estimation of an aggregate money demand equation b the calculation of the value of the shadow economy through the quantity theory of money. The key variables in the study include: the total currency held outside the banking system, the number of automatic teller machines, the deposit interest rate, GDP deflator, the average tax, velocity of money, nominal GDP and nominal money supply. The results from the study show that the shadow economy of Czech Republic on the average is about 20.9 % as at the end of 2013 and the country loses an average tax revenue of about 7.2 % of GDP yearly. The data was obtained from the World Bank country indicators and the International Financial Statistics.

中国货币供应量和经济目标相关程度高,具有较好的可测性、可控性;在中国实行有规则、透明度高、连贯性强的单一货币规则是可行的;严格执行货币供给量与相关经济目标挂钩的数量型货币政策,有助于确保物价稳定和经济平稳增长。%This paper set up the single currency rules which is adapted to China's economic reality and by using the core CPI as the measure of inflation in China. We come to a conclusion that China's money supply has a high degree of correla- tion with economic goals. It's easy to measure and control. It's feasible to carry well-regulated, high transparent and consis- tent single currency rules in China. Carrying out the quantitative relationship of money supply and related economic target hooks is helpful to ensure the price stability and economic growth.

Full Text Available The structure and the constituent parts of financial statements are regulated at a national level, mainly by Accounting regulations compliant with European Directives ̶ O.M.P.F. no. 3055/2009, but also by Accounting regulations compliant with International Financial Reporting Standards applied by the trading companies whose securities are rated on a regulated capital market ̶ O.M.P.F. no. 1286/2012. From this latter point of view, an important role is played by IAS 1 “Presentation of Financial Statements”, respectively IAS 21 “The Effects of Changes in Foreign Exchange Rates”. Therefore, this study aims to describe a series of theoretical and practical aspects regarding the particularities of presenting elements generated by foreign currency transactions in financial statements, which are prepared in compliance with the Romanian accounting regulations ̶ balance sheet, profit and loss account, cash flow statement, statement of changes in equity, explanatory notes. The paper also approaches the effect of changes in foreign exchange rates, respectively the accounting recognition of exchange differences, which are specific to different foreign currency operations, according to national regulations (and implicitly, to European Directives, but also according to international regulations (IFRS.

The objective of this research is to examine the trends in the exchange rate markets of the ASEAN-5 countries (Indonesia (IDR), Malaysia (MYR), the Philippines (PHP), Singapore (SGD), and Thailand (THB)) through the application of dynamic moving average trading systems. This research offers evidence of the usefulness of the time-varying volatility technical analysis indicator, Adjustable Moving Average (AMA′) in deciphering trends in these ASEAN-5 exchange rate markets. This time-varying volatility factor, referred to as the Efficacy Ratio in this paper, is embedded in AMA′. The Efficacy Ratio adjusts the AMA′ to the prevailing market conditions by avoiding whipsaws (losses due, in part, to acting on wrong trading signals, which generally occur when there is no general direction in the market) in range trading and by entering early into new trends in trend trading. The efficacy of AMA′ is assessed against other popular moving-average rules. Based on the January 2005 to December 2014 dataset, our findings show that the moving averages and AMA′ are superior to the passive buy-and-hold strategy. Specifically, AMA′ outperforms the other models for the United States Dollar against PHP (USD/PHP) and USD/THB currency pairs. The results show that different length moving averages perform better in different periods for the five currencies. This is consistent with our hypothesis that a dynamic adjustable technical indicator is needed to cater for different periods in different markets. PMID:27574972

This experiment investigated the major contributing factors of the operation process of a serf-made IC reactor in the treatment of OCC wastewater. Factors such as the amount of water intake, external reflux quantity and pH were intensively analyzed. Based on this analysis, the relationships between removal of CODer and the internal recycling water amount and gas yield were also studied. Finally, the effects of surfate and calcium ions in the water on the IC reactor were explained. The results showed that when the amount of water intake was 2. 0 L/h (HRT was 5.5 h), the external reflux quantity was 0 L/h and pH was 7. O, the CODer was reduced from 2000-2500 mg/L to 340425 mg/L, with its removal rate being approximately 83％ under constant conditions. The IC reactor produced 0. 318-0. 452 m3 gas per every 1 kg CODcr removed. The internal recycling water volume was equal to the amount of water intake when it removed 1. 1 kgCODcr/( d· m3 ). Both sulfate and calcium ions had certain influence on the IC reactor. Proper control is required during the operation.%通过自制IC反应器处理废纸造纸废水,研究其运行过程中的主要影响因素.重点考察了进水量、外回流量和pH等运行参数的影响,并在此基础上研究了CODCr去除量与内循环水量和产气量的关系,最后说明了进水中硫酸盐和钙离子对IC反应器的影响.结果表明:在其他因素不变的条件下,当进水量为2.0 L/h(HRT为5.5 h),外回流量为0 L/h,pH为7.0时,ρ(CODCr)可从2 000～2 500 mg/L降至340～425 mg/L,CODCr去除率在83%左右.每去除1 kg CODCr可产生0.318～0.452 m3气体,当CODCr容积负荷在1.1 kg/(m3·d)时,内循环水量等于进水量.硫酸盐和钙离子均对IC有一定的影响,在运行中应给予一定的控制.

This empirical study of the exchange rate exposure management of Danish non-financial firms listed on the Copenhagen Stock Exchange shows that debt denominated in foreign currency ("foreign debt") is a very important alternative to the use of currency derivatives. The results show that the relative...... importance of foreign debt is positively related to (1) the extent of foreign subsidiaries, (2) the relative value of assets in place, (3) the size of the firm, and (4) the debt ratio. The pivotal role of time horizon is emphasized. These findings are important to firms in other countries with open economies....

The purpose of this paper is to examine the stability of East Asian financial and currency systems, using the multi-country macro-econometric model constructed by Kamada and Takagawa (2005) to depict economic interdependence in the Asian-Pacific region. The highly-developed system of the international production network in the East Asian region was not only the driving force behind the "East Asian miracle," but also, as seen in the "Asian currency crisis," worked as a platform whereby local e...

textabstractCooperation, interchange or intertrade of complementary currencies is not yet very common, perhaps of because the funding impulse of most complementary currencies does not cover the question of interchange and cooperation yet, or because theoretical aspects are not often studied. The art

数字货币将作为一种无形货币为全球市场经济注入新的活力.因为数字货币具备一套完整的终端系统,所以,数字货币一旦产生和应用,将会以其诸多优点给人类社会带来可观效益,同时也会给社会的各个层面带来深度的冲击和影响.%As a kind of invisible currency, digital currency wilt pour new energy into the market oriented-economy in the world. Digital currency possesses a set of complete terminal system, therefore, once the digital currency emerges and is applied, it will bring considerable benefit to human society by it's so many advantages, meanwhile it will bring drastic shock and influence to all the aspects of our society.

This paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effective in cou

textabstractThis paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effe

textabstractThis paper features an analysis of major currency exchange rate movements in relation to the US dollar, as constituted in US dollar terms. Euro, British pound, Chinese yuan, and Japanese yen are modelled using a variety of non- linear models, including smooth transition regression models

Full Text Available The article is devoted to the determination of the basic preconditions and problems of currency integration in the Post-Soviet Space. Great attention is paid to the analysis of data of mutual trade. We have also identi-fied a number of barriers to the formation of a mone-tary union of the countries

This paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effective in

... Conduct disorder is often linked to attention-deficit disorder . Conduct disorder also can be an early sign of ... child or teen has a history of conduct disorder behaviors. A physical examination and blood tests can help ...

Full Text Available This paper analyses the ways the financial crisis started to manifest into the Romanian Financial System, through the exchange rate channel. The focus of this Paper is on how the Romanian decision makers contributed in triggering the financial crisis (that would have been triggered anyway. The paper will determine the trigger (the first obvious event for the Romanian Financial Crisis (the debut and it will prove that the consequences of this trigger could have been anticipated - it is in line with similar triggers for the debut in other currency crises. Therefore, one of the main conclusions of this paper is that while a global crisis starts to manifest the local economy should limit the exuberance of the decision makers in order to smooth the effects of the crisis.

Full Text Available The article is devoted to the analysis and an estimation of the reasons of crisis of global currency-financial system. The mechanism of increasing of a supply and demand disbalance of dollar that leads to falling of an US dollar exchange rate. It leads to losing of accumulation of the investors which use dollar tools.. The conclusion about insufficiency of the anti-recessionary measures undertaken by monetary US authorities was substantiated that provokes increase and expansion of the crisis phenomena in economy on a global scale. The suggestions were formulated that are directed on avoidance of superfluous risks that are caused by self-damage of a dollar financial pyramid, on transformation of Russia into the independent financial centre.

Power spectrum densities for the number of tick quotes per minute (market activity) on three currency markets (USD/JPY, EUR/USD, and JPY/EUR) are analyzed for periods from January 2000 to December 2000. We find some peaks on the power spectrum densities at a few minutes. We develop the double-threshold agent model and confirm that the corresponding periodicity can be observed for the activity of this model even though market participants perceive common weaker periodic information than threshold for decision-making of them. This model is numerically performed and theoretically investigated by utilizing the mean-field approximation. We propose a hypothesis that the periodicities found on the power spectrum densities can be observed due to nonlinearity and diversity of market participants.

By investigating currency futures options, this paper provides an alternative economic implication for the result reported by Stein [Overreactions in the options market, Journal of Finance 44 (1989) 1011-1023] that long-maturity options tend to overreact to changes in the implied volatility of short-maturity options. When a GARCH process is assumed for exchange rates, a continuous-time relationship is developed. We provide evidence that implied volatilities may not be the simple average of future expected volatilities. By comparing the term-structure relationship of implied volatilities with the process of the underlying exchange rates, we find that long-maturity options are more consistent with the exchange rates process. In sum, short-maturity options overreact to the dynamics of underlying assets rather than long-maturity options overreacting to short-maturity options.

Full Text Available The Latin Monetary Union was initiated in 1865 by France, Belgium, Italy, and Switzerland. We find that LMU membership or adoption of a gold standard is frequently associated with lower volatility of private bill yields, bond yields, inflation, and deviations from Purchasing Power Parity. However, neither standard induces convergence with LMU leader France or gold standard leader Great Britain. Bond yield spreads indicate that adoption of the gold standard is more credible than membership of the LMU. Italy is an outlier, perhaps due to errant fiscal and monetary policies. A comparison to data from the modern EMS/EMU confirms that the LMU was a weaker and less credible currency arrangement.

Full Text Available This paper uses the Liu et al. (2007 approach to estimate the optionimplied Risk-Neutral Densities (RND, real-world density (RWD, and relative risk aversion from the Brazilian Real/US Dollar exchange rate distribution. Our empirical application uses a sample of exchange-traded Brazilian Real currency options from 1999 to 2011. Our estimated value of the relative risk aversion is around 2.7, which is in line with other articles for the Brazilian Economy. Our out-of-sample results showed that the RND has some ability to forecast the Brazilian Real exchange rate, but when we incorporate the risk aversion, the out-of-sample performance improves substantially.

The US Bureau of Engraving and Printing produces over 9 billion Federal Reserve notes per year. Each note must maintain unfirm consistency for both security features and print quality. The quality control process necessary to assure the uniform nature of US currency requires a significant multi-tiered approach. Based on innovative optoelectronic techniques, individual security features are examined as a critical element during each phase of the production process. Print quality standards must also be strictly maintained and monitored to assure the uniformity of the most popular printed item in the world. This presentation describes the approach and some of the techniques developed and implemented in-house to carry out the necessary monitoring and control.

Full Text Available Brazil is one of the world’s largest base materials exporters, and this paper examines through large time series samples whether the Brazilian Real can be characterized as a commodity currency. The Real/US dollar real exchange rate and a real commodity prices index are found to be non-stationary and not cointegrated, while a risk premium appeared to have a large and statistically significant long term relationship with exchange rate movements. Combined first difference models showed that real exchange rate elasticity to risk premium is twice as large as to commodity prices, although both variables have considerable influence. Some specifications outperformed a random walk model with respect to root mean square forecast errors for many horizons, but the latter still better determined the exchange rate in longer terms.

In the paper, we study the projections of the real exchange rate dynamics onto the string-like topology. Our approach is inspired by the contemporary movements in the string theory. The string map of data is defined here by the boundary conditions, characteristic length, real valued and the method of redistribution of information. As a practical matter, this map represents the detrending and data standardization procedure. We introduced maps onto 1-end-point and 2-end-point open strings that satisfy the Dirichlet and Neumann boundary conditions. The questions of the choice of extra-dimensions, symmetries, duality and ways to the partial compactification are discussed. Subsequently, we pass to higher dimensional and more complex objects. The 2D-Brane was suggested which incorporated bid-ask spreads. Polarization by the spread was considered which admitted analyzing arbitrage opportunities on the market where transaction costs are taken into account. The model of the rotating string which naturally yields calculation of angular momentum is suitable for tracking of several currency pairs. The systematic way which allows one suggest more structured maps suitable for a simultaneous study of several currency pairs was analyzed by means of the Gâteaux generalized differential calculus. The effect of the string and brane maps on test data was studied by comparing their mean statistical characteristics. The study revealed notable differences between topologies. We review the dependence on the characteristic string length, mean fluctuations and properties of the intra-string statistics. The study explores the coupling of the string amplitude and volatility. The possible utilizations of the string theory approach in financial markets are slight.

Full Text Available This paper features an analysis of major currency exchange rate movements in relation to the US dollar, as constituted in US dollar terms. Euro, British pound, Chinese yuan, and Japanese yen are modelled using a variety of non-linear models, including smooth transition regression models, logistic smooth transition regressions models, threshold autoregressive models, nonlinear autoregressive models, and additive nonlinear autoregressive models, plus Neural Network models. The models are evaluated on the basis of error metrics for twenty day out-of-sample forecasts using the mean average percentage errors (MAPE. The results suggest that there is no dominating class of time series models, and the different currency pairs relationships with the US dollar are captured best by neural net regression models, over the ten year sample of daily exchange rate returns data, from August 2005 to August 2015.

货币发行是中央银行作为国家政府的代表向社会提供流通手段和支付手段，是中央银行对货币持有者的一种负债，货币发行构成了中央银行最重要的负债业务。本文针对中央银行的货币发行业务的会计处理进行浅谈。%The currency issue is that the central banks as representatives of the government of the country provide circulation means and means of payment for the society, is a debt of the central bank of currency holders, constitutes the most important central bank liabilities busi ness. This article mainly discusses about the central bank＇s monetary distribution business accounting treatment.

The late qing and early republic , the Russian currency as a medium of a kind of aggression against China , a large number of into the xinjiang region .Russia's currency in the circulation and use of xinjiang has a profound historical reasons , the biggest impact of the original monetary and financial system of xinjiang , the life of people of all ethnic groups in xinjiang has a far -reaching influence .%清末民初，俄币作为一种侵华的媒介，大量进入新疆地区。俄币在新疆的流通与使用有深刻的历史原因，极大的冲击了新疆原有的货币金融体系，对新疆各族人民的生活产生了深远的影响。

近年来，比特币在世界各国发展迅速。比特币的支持者认为，比特币是实践哈耶克货币的非国家化理论的最佳工具。文章首先对哈耶克货币的非国家化理论进行评析，得出哈耶克理论存在诸多无法解决的问题，导致其理论无法付诸实施。接下来，基于哈耶克货币非国家化理论对比特币进行了分析，发现比特币在货币的信用背书、清偿、货币数量、币值稳定方面均与货币非国家化理论背道而驰，已经不具有货币属性，无法实践货币非国家化理论。%Bitcoin developed rapidly all over the world in recent years, Bitcoin proponents argue that Bitcoin is the best tool for the practice of denationalization currency theory of Hayek. Firstly, the theory of non-state Hayek currencies is crit⁃ically analyzed in the article,the results show that many problem can not be solved, which make the theory can not be im⁃plemented. And Bitcoin is analyzed based on currency theory of Hayek in the next,it is found that Bitcoin is contrary to currency theory of Hayek on currency credit endorsement, liquidity, currency amount, currency and monetary stability ,it does not have money property,currency theory of Hayek can not be practiced by Bitcoin.

In this paper, we reveal the attenuation mechanism of anchor of the commodity money from the perspective of logistics warehousing costs, and propose a novel Decayed Commodity Money (DCM) for the store of value across time and space. Considering the logistics cost of commodity warehousing by the third financial institution such as London Metal Exchange, we can award the difference between the original and the residual value of the anchor to the financial institution. This type of currency has ...

Created in 2009, the digital currency of bitcoin is a relatively new phenomenon. During this short period of time, it has however displayed a strong development of both price and trade volume. This has led to increased media attention, but also regulators and researchers have developed an interest. At this moment, the amount of available research is however limited. With a focus on the price volatility of bitcoin and an aim of finding drivers of this volatility, this study is taking a unique ...

Full Text Available We examine the pricing of currency risk and market integration in the equity markets of Nigeria and South Africa. Using the Generalized Method of Moments with a multi-beta asset pricing model and firm-level data, we find that currency risk is partly unconditionally priced in South Africa's stock market, with this market being largely integrated with the world equity markets. Conversely, currency risk is not priced in Nigeria's equity market, which also shows no evidence of integration with the world equity markets. Interestingly, a portfolio analysis of firms reveals a size based return sensitivity to both world equity markets and exchange rate volatility across the two countries. Therefore, while general results suggest that Nigeria, rather than South Africa, would provide greater diversification benefits to international investors with little or no worry about hedging unconditional exchange rate risk, that view must be nuanced when considering large size firms which are consistently sensitive to the two factors across both countries.

Full Text Available The Franciscan textuality of Catalan-Aragonese area is an important source of the political discourse and of the construction of community identities. Among the most significant aspects emerge the discourse about the value and function of money. Since Arnau de Vilanova the currency expresses and conveys the strength and identity of a political community: through it is to define the role of economic, civil and political agents in community areas. It also puts into question an historiographical assumption: «the constellation of concepts of political modernity erupts from the denial of what had preceded itì». If this argument asserts that the lemma and the concept of «contract», defined since Hobbes, is "the genetic location" of modernity, remains untraceable the break with the "not modern ". In the relationship that connects fides, money and identity in medieval Franciscan texts that design communities of cives-fideles, the community space becomes public and legal arena, institutionalized. And in the space of the market, constituitive of the space of the community, different wills converge negotiating areas and limits of economic and financial sovereignties, but equally conscious political ones.

Full Text Available The basic lessons obtained from financial turbulences all over the wor ld are the need to spot main causes, identify the triggering risk factors and consequently develop resolution plans for the potential financial crises, which include the establishment of a sound and strong financial system with strengthened institutional and structural bodies. Accurately and timely detection of the main causes that trigger financial fragilitiesemerging from currency, debt and banking is supposed to guide regulators to find "to the point" solutions to the fragility problems and to isolate their effects. Since in the Turkey case, financial crises were observed to occur in the form of twin crises or triplet crises, in this paper, we put forward Turkey-specific diagnoses and suggestions. Thus, the main factors that triggered financial turmoils in Turkey's last quarter century are low GDP, inadequate equity capital, insufficient bank returns, poor FX reserve, high inflation, short position-hot money policy, capital outflows, manipulative credit ratings and bank inertia, namely a trade off betweencredit transactions and risk-free investment vehicles

Full Text Available The article reveals the problem of adapting the Basel standards for managing the market and, in particular, foreign exchange risks to the conditions of the national economies of Ukraine and Russia. Internationality, fictitiousness and speculating of the currency transactions necessitated the transition of national banking systems of Ukraine and Russia to the international standards of Basel Committee. The article describes the history and shows the gradual process of implementation of these standards in the banking law and practice. We have studied the nature of the categories of “market risk” and “foreign exchange risk”. The place of the foreign exchange risk is updated in the classification of banking risks by analyzing the different views, and the mechanism of its effect is identified on the activities of commercial banks. The proposals on copyright issues are presented in particular: the necessity of combining the stock, interest rate and foreign exchange risks in the market risk group, as well as fixing the common regulatory definition of foreign exchange risk in the legislation. In the article the author’s category definition interpretation of “foreign exchange risk management system” is given in the light of its absence in the legal and the economic literature. The author also gives the recommendations to banks on developing the individual models for risk management in accordance with their own needs and current circumstances.

Reward comparison in the brain is thought to be achieved through the use of a ‘common currency’, implying that reward value representations are computed on a unique scale in the same brain regions regardless of the reward type. Although such a mechanism has been identified in the ventro-medial prefrontal cortex and ventral striatum in the context of decision-making, it is less clear whether it similarly applies to non-choice situations. To answer this question, we scanned 38 participants with fMRI while they were presented with single cues predicting either monetary or erotic rewards, without the need to make a decision. The ventral striatum was the main brain structure to respond to both cues while showing increasing activity with increasing expected reward intensity. Most importantly, the relative response of the striatum to monetary vs erotic cues was correlated with the relative motivational value of these rewards as inferred from reaction times. Similar correlations were observed in a fronto-parietal network known to be involved in attentional focus and motor readiness. Together, our results suggest that striatal reward value signals not only obey to a common currency mechanism in the absence of choice but may also serve as an input to adjust motivated behaviour accordingly. PMID:24837478

Phenotypic plasticity is nearly universal among organisms,and evidence indicates that plasticity can exhibit additive genetic variation and respond to selection.These findings have important implications for our understanding of how plasticity may be constrained and how its mechanistic structure may affect its evolution.Many life history trade-offs may be conceptualized as plastic traits,with individuals varying in their position along trade-off axes due to genetic differences,developmental plasticity,or short-term plasticity occurring throughout an individual's lifetime.Behavioral plasticity is key to understanding when organisms are likely to encounter trade-offs,whether those trade-offs can be mitigated,and how the trade-offs affect the ecology and evolution of populations.In this review,we discuss hormonal and neural mechanisms that may influence how plastic behavioral traits are expressed and evolve.We also outline a classification of life history trade-offs and their mechanistic bases and discuss the currencies most likely to mediate each category of trade-off and how they are tied to the mechanisms by which animals express their behaviors [Current Zoology 61 (2):251-264,2015].

Full Text Available The euro area is the biggest monetary union in the World. In post-crisis time, the possibilities of creation a new monetary union are discussed again. The aim of this article is to evaluate, according to OCA criteria, an appropriateness of selected countries for a membership in a monetary union or for creation new monetary union. The second aim is to confront the existing monetary union – the euro area, with two potential monetary areas – NAFTA and MERCOSUR. The criteria are based on the OCA theory and partly on the so called OCA index. According to the results, there are countries (so called core countries such as Austria or Luxemburg which reach satisfactory values. On the other hand there are countries such as Estonia, Finland, Latvia, Greece or Italy which reach worse values. Quite surprisingly, the values of most indicators (except for DISSIM have worsened since the crisis in the euro area. It seems to be convenient for both Canada and Mexico to adopt a common currency with the USA. In case of MERCOSUR we could barely find a pair of countries with better values compare with euro area’s all-time average.

稳定币值与抑制通胀一直以来主要被视作技术性问题,局限于既有制度框架内进行最优或次优的选择尝试。货币危机的频繁爆发表明货币制度需要重新审视与考量。货币由其凝结的集体意向性而具有社会契约的本质,对货币的一致同意汇集着交易主体对币值稳定的普遍信任。从应然价值维度分析,币值稳定是货币的质的规定性。信用货币体制下货币权力如果不受约束,货币的本质会被篡改和剥夺,币值稳定就得不到保障。抑制通胀,仅靠单纯的技术操作难以真正有效,必须在元规则层面确认货币的基础地位,通过货币宪法确立基本制度框架,约束政府对货币的干预,遏制其制造通胀的政策能力,防止货币市场化带来的巨大损害,保持币值稳定,实现货币的合人类目的性。%Currency stability and inflation prevention have mainly been regarded as technical issues solved only by making the optimal or suboptimal choice under existent institutional framework.The frequent outbreaks of monetary crises show that it is necessary to reexamine and consider the monetary system.Money has the nature of social contract because of collective intention,and the common consent to currency collects trading parties＇ general trust in currency stability.The analysis from the ought-to-be angle indicates that currency stability is the quality requirement of currency.Under credit monetary system,if monetary authority is not restricted,the money will be deprived of nature and currency stability will not be guaranteed.To curb inflation effectively,we should confirm the fundamental status of money from the metarule angle,establish fundamental institutional framework by monetary constitution,restrict government intervention in money,curb government policy ability to cause inflation,prevent enormous damage caused by monetary marketization,maintain currency stability and achieve the purpose of serving human

Explains how electrical conductivity (EC) can be used to measure ion concentration in solutions. Describes instrumentation for the measurement, temperature dependence and EC, and the EC of common substances. (PR)

Parabens (alkyl esters of p-hydroxybenzoic acid) are widely used as antimicrobial preservatives in personal care products, pharmaceuticals, and foodstuffs. Although parabens have been reported to be used as antimicrobials in certain types of papers (e.g., wet sanitary or hygiene wipes), little is known about the occurrence of these compounds in paper products. In this study, we determined the concentrations of six paraben analogs, methyl (MeP), ethyl (EtP), propyl (PrP), butyl (BuP), benzyl (BzP), and heptyl parabens (HepP), in 253 paper products divided into 18 categories, using liquid chromatography-tandem mass spectrometry (LC-MS/MS). At least one of the six parabens was detected in almost all (detection rate: 98%) paper samples, and the total concentrations (∑PBs; sum of six parabens) ranged from 1.85 to 3,220,000 ng/g (geometric mean (GM): 103; median: 55.1 ng/g). Sanitary wipes contained very high concentrations of ∑PBs (GM: 8300 ng/g). Paper currencies, tickets, business cards, food cartons, flyers, and newspapers contained notable concentrations of ∑PBs, and the GM concentrations in these paper categories were on the order of a few tens to thousands of nanograms per gram. One source of parabens in paper products is the use of these chemicals as antifungal agents. MeP and PrP were the predominant analogs, accounting for approximately 62% and 16% of the total concentrations of parabens, respectively. On the basis of measured concentrations and frequency of handling of paper products, we estimated the daily intake (EDI) of parabens through dermal absorption. The GM and 95th percentile EDI values were 6.31 and 2050 ng/day, respectively, for the general population. Among the paper categories analyzed, sanitary wipes contributed to the majority (>90%) of the exposures.

Conduct disorder (CD) is a frequently occurring psychiatric disorder characterized by a persistent pattern of aggressive and non-aggressive rule breaking antisocial behaviours that lead to considerable burden for the patients themselves, their family and society. This review paper updates diagnostic

Full Text Available BACKGROUND: Biodiversity offsets provide a mechanism to compensate for unavoidable damages from new energy development as the U.S. increases its domestic production. Proponents argue that offsets provide a partial solution for funding conservation while opponents contend the practice is flawed because offsets are negotiated without the science necessary to backup resulting decisions. Missing in negotiations is a biologically-based currency for estimating sufficiency of offsets and a framework for applying proceeds to maximize conservation benefits. METHODOLOGY/PRINCIPAL FINDINGS: Here we quantify a common currency for offsets for greater sage-grouse (Centrocercus urophasianus by estimating number of impacted birds at 4 levels of development commonly permitted. Impacts were indiscernible at 1-12 wells per 32.2 km(2. Above this threshold lek losses were 2-5 times greater inside than outside of development and bird abundance at remaining leks declined by -32 to -77%. Findings reiterated the importance of time-lags as evidenced by greater impacts 4 years after initial development. Clustering well locations enabled a few small leks to remain active inside of developments. CONCLUSIONS/SIGNIFICANCE: Documented impacts relative to development intensity can be used to forecast biological trade-offs of newly proposed or ongoing developments, and when drilling is approved, anticipated bird declines form the biological currency for negotiating offsets. Monetary costs for offsets will be determined by true conservation cost to mitigate risks such as sagebrush tillage to other populations of equal or greater number. If this information is blended with landscape level conservation planning, the mitigation hierarchy can be improved by steering planned developments away from conservation priorities, ensuring compensatory mitigation projects deliver a higher return for conservation that equate to an equal number of birds in the highest priority areas, provide on

Power spectrum densities for the number of tick quotes per minute (market activity) on three currency markets (USD/JPY, EUR/USD, and JPY/EUR) for periods from January 1999 to December 2000 are analyzed. We find some peaks on the power spectrum densities at a few minutes. We develop the double-threshold agent model and confirm that stochastic resonance occurs for the market activity of this model. We propose a hypothesis that the periodicities found on the power spectrum densities can be observed due to stochastic resonance.

A left hemisphere damaged patient with ideomotor apraxia is described, whose performance on pantomime to verbal command was superior to pantomime imitation. His reception of these same gestures (gesture naming) was spared. This syndrome has been named conduction apraxia. To account for this selective impaired performance on gesture imitation, a separation of the representations for gesture production and reception is proposed and a non-lexical gesture processing route for gesture imitation is suggested. Images PMID:7931387

A left hemisphere damaged patient with ideomotor apraxia is described, whose performance on pantomime to verbal command was superior to pantomime imitation. His reception of these same gestures (gesture naming) was spared. This syndrome has been named conduction apraxia. To account for this selective impaired performance on gesture imitation, a separation of the representations for gesture production and reception is proposed and a non-lexical gesture processing route for gesture imitation is...

Previous research has documented the practice of transactional sex in sub-Saharan Africa and its association with gender-based violence, gender inequalities and HIV risk. At the same time, it has been suggested that women may use transactional sex to obtain a greater sense of control over their lives and their sexualities, and to garner access to resources. The aim of this study was to better understand the practice of exchanging alcohol for sex in alcohol-serving venues in a township in Cape Town, South Africa. Data were collected between June 2009 and October 2010. Six venues were included and observations were conducted in each for four one-week periods over the course of a year. In-depth qualitative interviews included 31 women and 13 men whom interviewers had observed as regular venue customers. Follow-up interviews were conducted with 24 respondents to explore emerging themes. Interviews were recorded and transcribed. Using a grounded theory approach, Atlas.ti was used to code transcripts, field notes, and analytical memos written about each document. Results revealed that alcohol was commonly used as a currency of sexual exchange in this setting, and both women and men understood that accepting alcohol from a man implied consent for sexual favors. Women reported a sense of agency in participating in the transactional sex dynamic, especially when they were able to manipulate it to meet their own ends without fulfilling the men's sexual expectations. At the same time, data revealed that the norm of transactional sex reinforced the undervaluing and commoditization of women. As identified elsewhere, transactional sex put both women and men at greater risk of HIV through multiple partners and inconsistent use of condoms, and the possibility of rape. Interventions are needed to address sexual risk behaviors and substance use within this context to prevent new HIV infections.

Full Text Available The risk of contagion is the possibility that the failure of a financial institution affected by an exogenous shock generates the failure of other institutions not initially affected by the shock. As pointed out by Upper and Worms (2002 and others, the domino effect in the payment system depends on the precise pattern of interbank linkages. This paper studies the occurrence of financial contagion after the exogenous failure of an institution authorized to operate in the Brazilian interbank currency market. The data contain information about all the actual transactions that occurred in this market from August 1st, 2000 to October 31st, 2002. The adopted methodology shows the occurrence of contagion propagation in several subsequent rounds after the initial failure. We quantify the number of institutions that breakdown and the financial losses of the market. There is a large increase in the number of failed institutions during the period of the presidential elections in 2002.O risco de contágio é a possibilidade de que a falência de uma instituição financeira afetada por algum choque exógeno gere a falência de outras instituições não afetadas pelo choque inicialmente. Como salienta Upper e Worms (2002 e outros, o efeito dominó no sistema de pagamentos depende do padrão das interligações bancárias. Este artigo estuda a ocorrência de contágio financeiro após a falência exógena de uma instituição autorizada a operar no mercado interbancário de câmbio no Brasil. Os dados contêm informações sobre todas as transações efetivamente realizadas no período 01/08/2000 a 31/10/2002. A metodologia adotada mostra a ocorrência da propagação do contágio após várias rodadas subseqüentes à falência inicial. O artigo quantifica o número de instituições que quebrariam e as perdas financeiras do mercado. Existe um aumento substancial no número de falências durante o período pré-eleitoral em 2002.

The Thermal and Electrical Conductivity Probe (TECP) for NASA's Phoenix Mars Lander took measurements in Martian soil and in the air. The needles on the end of the instrument were inserted into the Martian soil, allowing TECP to measure the propagation of both thermal and electrical energy. TECP also measured the humidity in the surrounding air. The needles on the probe are 15 millimeters (0.6 inch) long. The Phoenix Mission is led by the University of Arizona, Tucson, on behalf of NASA. Project management of the mission is by NASA's Jet Propulsion Laboratory, Pasadena, Calif. Spacecraft development is by Lockheed Martin Space Systems, Denver.

Characterization of ion transport property on Mg2+-ion conducting Nano Composite Polymer Electrolytes (NCPEs): (75PEO: 25MgSO4) + x MgO, where x = 0, 1, 2, 3, 4, 5, 6, 8, 10, 12 wt. (%) has been reported. Solid Polymer Electrolyte (SPE) composition: [75PEO: 25MgSO4)], identified as the highest conducting film in an earlier study with room temperature conductivity σ ˜ 3.38 × 10-7 S /cm, has been used as Ist-phase host matrix and active filler MgO particles (micro / nano-dimension) as IInd - phase dispersoid. NCPE films have been prepared by a novel hot-press technique in place of the traditional solution cast method. Hot-press technique is recently receiving wider acceptability to cast polymeric electrolyte films due to the fact that it is a completely dry/solvent free/rapid/inexpensive procedure as compared to solution cast method. The Optimum Conducting Composition (OCC) of NCPE film has been identified from the filler-dependent conductivity measurements. As a consequence of dispersal of nano-size particles, the room temperature conductivity (σ) in NCPE OCC film increased by an order of magnitude i.e. σ ˜ 2.29 × 10-6 Scm-1. The quality of the film also improved substantially. The total ionic transference number (tion) and the cationic (Mg2+) transport number (t+) have been determined using dc polarization and a combined ac/dc technique respectively. A considerable increase in t+ could be achieved with the dispersal of nanoparticles. The confirmation of the salt-complexation in PEO polymer was done by FTIR spectroscopic studies. The temperature dependent conductivity measurements were carried out in NCPE OCC film and the activation energy (Ea) has been computed from `log σ - 1/T' Arrhenius plot. All-solid-state battery has been fabricated in the cell configuration: Mg (anode) // NCPE OCC film// MnO2 + C + Electrolyte (cathode), in which both the cathode and anode were in the form of thin pellet. The Open Circuit Voltage (OCV) ˜ 1.82 V was obtained. The

Full Text Available For the last two decades, most of Eastern European countries moved towards open economies, including Baltic Countries, Ukraine and Russia. Some of these countries adopted the euro such as the case of Montenegro in 2002, Slovakia in 2009, Estonia in 2011, and finally Latvia in 2014. Adoption of the new currency helped these countries further integrate into a larger market, the Eurozone, and stabilize their economies against heavily fluctuating exchange rates. The governments of Ukraine and Russia, on the other hand, did not show interest to join the Eurozone and followed more independent currency policies along with the limited economic liberalization during the period of the 90s and the early 2000s. Similarly, Turkey, not a former Eastern Bloc country, but located geographically very close to these two countries did not peg its currency to the euro or the US dollar. All of these three economies in Eastern Europe had multiple deep financial crises, inflation, devaluations, and weak governments in the last two decades of the 90s and the 2000s (Lissovolik, 2003. For instance, Turkish lira depreciated from 13 TL/$ in 1973 to 1.5 million TL/$ in 2004 (Bahmani-Oskooee, 1996. As a result, of these negative experiences, local people of these countries developed a tendency to keep at least a portion of their savings in a foreign currency (Civcir, 2003. In the case of Turkey, the ratio of reserves held in the foreign currency over the local currency, which is a de facto measure of US dollarization, showed a steady rise during the period from 1983 to 1993, remained steady high around 50% until 2001 and decreased afterwards (Metin-Özcan, 2009. In short, these countries are examples of highly US dollarized countries (Havrylyshyn & Beddies, 2003; Kaplan, 2008.

A Weibull distribution with power-law tails is confirmed as a good candidate to describe the first passage time process of foreign currency exchange rates. The Lorentz curve and the corresponding Gini coefficient for a Weibull distribution are derived analytically. We show that the coefficient is in good agreement with the same quantity calculated from the empirical data. We also calculate the average waiting time which is an important measure to estimate the time for customers to wait until the next price change after they login to their computer systems. By assuming that the first passage time distribution might change its shape from the Weibull to the power-law at some critical time, we evaluate the averaged waiting time by means of the renewal-reward theorem. We find that our correction of tails of the distribution makes the averaged waiting time much closer to the value obtained from empirical data analysis. We also discuss the deviation from the estimated average waiting time by deriving the waiting time distribution directly. These results make us conclude that the first passage process of the foreign currency exchange rates is well described by a Weibull distribution with power-law tails.

, the underlying mechanisms are debated. Here, we focus on dynamical aspects of the problem hypothesizing the existence of a bistability-powered mechanism for regenerative pulse transmission along the endothelium. Bistability implies that the cell can have two different stable resting potentials and can switch......Conducted vasodilation is part of the physiological response to increasing metabolic demand of the tissue. Similar responses can be elicited by focal electrical or chemical stimulation. Some evidence suggests an endothelial pathway for nondecremental transmission of hyperpolarizing pulses. However...... a theoretical analysis as well as numerical simulations of both single- and multiunit bistable systems mimicking endothelial cells to investigate the self-consistence and stability of the proposed mechanism. We find that the individual cell may switch readily between two stable potentials. An array of coupled...

对世界主要货币发展历程和发展模式进行比较分析，梳理出其中的共性和特性，可为人民币国际化发展战略提供有益的经验启示。%RMB Internationalization should become China＇s national strategy of economic development. It is important for China to learn from the world currency experience. This paper summarizes the world currency experience and compares their development models, which provides useful insights for RMB internationalization.

文章基于网络虚拟货币的发展现状，梳理了该研究领域的主要文献，归纳总结为四个方面：网络虚拟货币的性质及交易研究、对其涉及财产权的法律监管研究、对其涉及税收问题的研究以及其对经济与金融的影响研究。文章总结了相关代表性研究的主要观点并进行了评述，认为现有研究总体的理论分析深度不够，未能构建起网络虚拟货币发展、影响等理论基础。文章对于网络虚拟货币进一步的研究，建议可以从三个方面予以推进：首先，从货币演变史和虚拟货币运行过程的不同特点来详细考察虚拟货币的含义和本质；其次，研究虚拟货币对现有货币理论及货币体系的影响；最后，分析虚拟货币对网络经济的影响机理以及这些影响的决定因素。%Based on the development of internet virtual currency, the paper collected and analyzed the main literature in this field, which we summarized as four aspects: research on the nature and trade of internet virtual currency, the related legal regulation of property rights, the related tax issues, and its impact on economy and finance. The paper picked and commented the main viewpoints of the typical research, considering that the existing research depth is not enough to build up a frame of internet virtual currency theory. We suggested that the further research on internet virtual currency should surround the following three aspects as the essence of virtual currency from the perspective of monetary history and the different features of virtual currency operation process, the influence of the existing virtual currency research on monetary theory and the monetary system as well as the mechanism of internet virtual currency effect on internet economy and its determinant factors.

The diagnosis conduct disorder (CD) is characterized by aggressive (e.g., physical aggression) as well as nonaggressive symptoms (e.g., violation of rules, truancy). Conclusions regarding the course and prognosis, or recommendations for effective interventions, seem not to be equally valid for the whole patient group. DSM-IV-TR included subtyping age-of-onset as a prognostic criterion, even though the evidence base for subtyping from age of onset was rather sparse. The relevant literature on CD has grown substantially since the publication of DSM-IV-TR in 1994. For the new DSM-5 edition, some important issues were discussed, for example, consideration of personality traits, female-specific or dimensional criteria, and adding a childhood-limited subtype (Moffitt et al., 2008). Nevertheless, the diagnostic protocol for CD was not changed in the most parts in the new edition of the DSM-5; the addition of a CD specifier with limited emotions is the most relevant change. On the basis of the existing evidence base, this review discusses whether the modifications in DSM-5 are helpful for fulfilling the requirements of a reliable and valid psychiatric classification.

The endogencity and exoyeneity of currency supply is an important theory and reality problem, right judgment of endogencity and exoyeneity of currency supply of a economic body has important significance for understanding the operation mechanism of currency supply, developing right currency policy and improving the effectiveness of currency policy. This article analyzes the effect of cash leakage rate on currency multiplier and currency supply, and draws conclusions that the endogencity of currency supply has increased in China. Finally, in the guidance of the conclusion, suggestions to choose the right currency policy and improve the effectiveness of currency policy in China are put forward.%货币供给内生性与外生性问题是一个重要的理论和现实问题，正确判断一个经济体的货币供给内外生性对于认识货币供给运行机制、制定正确的货币政策以及提高货币政策的有效性都具有重要意义。本文以现金漏损率为切入点，深入分析其对货币乘数、进而对货币供给量的影响，并得出我国货币供给内生性增强的结论。最后，在该结论的指导下，为我国选择正确的货币政策以及如何提高货币政策的有效性提出了若干建议。

This paper presents a general equilibrium model for Egypt, which allows for different forms of expectations formation and takes financial markets into account. Moreover, it uses a new calibration method. The model is used to examine the macroeconomic effects of a currency devaluation. The results sh

Full Text Available We report here the main characteristics of ‘Pseudomonas saudiphocaensis’ strain 20_BNT (CSUR P1224, a new species of the Pseudomonas genus that was isolated from currency notes collected during the Hajj pilgrimage in 2012 at Makkah, Saudi Arabia.

纸币是人们日常生活交易必不可少的部分，假币交易纠纷和暴力抢劫等事件在社会上屡次发生，纸币冠字号识别是我国纸币鉴别技术标准之一。结合现代嵌入式系统开发技术的发展，笔者提出了嵌入式纸币冠字号识别系统设计方案，该方案包括整体设计思路、主要功能模块设计和系统软件流程设计。%Paper currency is a crucial part of deal of people daily life lives. Disputes of counterfeit money trade and violent robbery frequently happen in society. Paper currency coding is one of paper currency identification technology standard in our country. Combined with development of modern embedded system development technology, the paper was put forward design scheme of embedded paper currency coding recognition system included overall design idea, main function module design and system software design process.

Both virtual currencies and mobile payments are rapidly growing, novel developments in the global payments industry. These developments create challenges for regulators when it comes to fitting the new technology into the old legal framework. In some cases, the legal framework has to be amended to

This article describes the challenges and activities performed to place 'in service' condition a pipeline that was constructed in 2001, that was never placed in service, and further, in 2003, suffered the loss of 3 river crossings (80, 120, and 300 meters wide), in addition to several damages to the pipeline in 17 different locations. The project's execution was divided into two phases. Phase 1, Emergency Shut Down (ESD) in the four pipeline stations; Installing Remote Operated Valves (ROV); ROW repairs; Equipment's Mechanical and Instrument and Electric/electronic maintenance. Phase 2, Complementary pipeline and ROW stabilization tasks, pipeline burial and river crossings; Geometric internal inspections and repairs; Intelligent inspection; Leak Detection System (LDS); fuel consumption performance improvements. The pipeline has 4 stations; the first, second, and third are pumping stations. The pipeline is located in part of a national park with high environmental and social risks. Considering its geographical condition, the location's area is considered to be within the five locations in the world that have the highest accumulated rains with its 5570 mm of annual precipitation; it has 70 river crossings (22 aerial bridges, 22 buried river crossings, and 22 river crossings attached to road bridges); the overall length is 250 Km, part of the area is geologically active; the profile starts at 400 masl, then down to 250 masl up to 3700 masl. (author)

The intentional strategy (aggressive side branch (SB) protection strategy: elective two-stent strategy or jailed balloon technique) is thought to be associated with lower SB occlusion rate than conventional strategy (provisional two-stent strategy or jailed wire technique). However, most previous studies showed comparable outcomes between the two strategies, probably due to no risk classification of SB occlusion when enrolling patients. There is still no randomised trial compared the intentional and conventional strategy when treating bifurcation lesions with high risk of SB occlusion. We aim to investigate if intentional strategy is associated with significant reduction of SB occlusion rate compared with conventional strategy in high-risk patients. The Conventional versus Intentional straTegy in patients with high Risk prEdiction of Side branch OccLusion in coronary bifurcation interVEntion (CIT-RESOLVE) is a prospective, randomised, single-blind, multicentre clinical trial comparing the rate of SB occlusion between the intentional strategy group and the conventional strategy group (positive control group) in a consecutive cohort of patients with high risk of side branch occlusion defined by V-RESOLVE score, which is a validated angiographic scoring system to evaluate the risk of SB occlusion in bifurcation intervention and used as one of the inclusion criteria to select patients with high SB occlusion risk (V-RESOLVE score ≥12). A total of 21 hospitals from 10 provinces in China participated in the present study. 566 patients meeting all inclusion/exclusion criteria are randomised to either intentional strategy group or conventional strategy group. The primary endpoint is SB occlusion (defined as any decrease in thrombolysis in myocardial infarction flow grade or absence of flow in SB after main vessel stenting). All patients are followed up for 12-month postdischarge. The protocol has been approved by all local ethics committee. The ethics committee have

Decisions involve two fundamental problems, selecting goals and generating actions to pursue those goals. While simple decisions involve choosing a goal and pursuing it, humans evolved to survive in hostile dynamic environments where goal availability and value can change with time and previous actions, entangling goal decisions with action selection. Recent studies suggest the brain generates concurrent action-plans for competing goals, using online information to bias the competition until a single goal is pursued. This creates a challenging problem of integrating information across diverse types, including both the dynamic value of the goal and the costs of action. We model the computations underlying dynamic decision-making with disparate value types, using the probability of getting the highest pay-off with the least effort as a common currency that supports goal competition. This framework predicts many aspects of decision behavior that have eluded a common explanation.

Full Text Available First of all, we establish a three-dimension open Kaldorian business cycle model under the condition of the fixed exchange rate. Secondly, with regard to the model, we discuss the existence of equilibrium point and the stability of the system near it with a time delay in currency supply as the bifurcating parameters of the system. Thirdly, we discuss the existence of Hopf bifurcation and investigate the stability of periodic solution generated by the Hopf bifurcation; then the direction of the Hopf bifurcation is given. Finally, a numerical simulation is given to confirm the theoretical results. This paper plays an important role in theoretical researching on the model of business cycle, and it is crucial for decision-maker to formulate the macroeconomic policies with the conclusions of this paper.

As Rich and Xiao suggested, cigarette sharing and gifting play an important role in China's smoking epidemic. Understanding the cultural roots, history, and impacts of such practices should be emphasized in tobacco control efforts. "Tobacco as a social currency" is a consequence of the tobacco industry usurping traditional values and cultural customs to make cigarette gifting acceptable, desirable, and socially reinforcing. The cigarettes-social reinforcement link created by the tobacco industry can be broken by deglamorizing smoking and cigarette gifting and by reinforcing alternative healthful behaviors. A behavioral ecological perspective, with an emphasis of understanding and engineering cultures, should guide future health promotion efforts to reduce smoking and other risk practices in China.

Full Text Available This paper represents an empiric research how The Central Bank of Switzerland gave up on sustaining the minimum exchange rate for CHF, as a result of a dramatic movement in the history of the FX market. The decision has equally affected companies or families that got loans (usually in another currency than their incomes. Due to the troubles that reached social dimensions in some ECE countries, we decided that it is worth making an academic X-ray upon the way the specialists succeeded in transmitting their experiences to the others. The lessons from history should be learnt, it is the scientists’ duty to use their ability to get into the essence of the phenomena and to reveal the conclusions to the ones around.

Full Text Available On its way towards the European Union accession, Romania had undertaken a multitudeof economic transformations that made the transit from the ineffective system of central planning to aninstitutional framework created to facilitate the functionality of a competitive market economy. Linked tothese economic developments, the monetary authority represented by the National Bank of Romania chosesome models of monetary policy in order to achieve its fundamental objectives: price stability and financialstability. Nowadays the monetary policy adopted is based on inflation targeting as a main frame of decisionand action to reach the objective of adopting euro as national currency in Romania. This paper attempts tofocus on the rationale behind the adoption of inflation targeting, the key features, the international experienceand the prerequisites on this subject. As a conclusion there are presented the advantages of choosingthis type of monetary policy on the further developments towards euro adopting in Romania.

Full Text Available The accession to the Economic and Monetary Union, though not a criterion of accessing the European Union, involves the compliance with the convergence criteria of Maastricht: stability of the exchange rate, of interest rates, of the inflation, of the external debt and budgetary deficit. Even if the joining of the EMU represents therefore no conditioning of accessing the EU as a full rights member and, maybe, no priority of the candidate countries, the consequences of this option must be seriously put into balance, taking into account the most the fragile macro-economical stability of the pretending countries, such as Romania. A major regime change, as the monetary unification, is clearly made when there are strong motivations given by benefits, but such a change involves costs, risks and difficulties. The adoption of the unique currency in an unsuitable time can have more bad consequences than positive ones.

Full Text Available This work has two goals. The first one is to develop an interpretation for open economies founded on Minsky’s financial fragility hypothesis about the process of a currency crisis and its determinants. The deterioration of an economy’s external financial structure is identified as the reason for the increase of its crisis susceptibility. With this approach, we create external fragility indexes intending to measure an economy’s crisis susceptibility. Our second objective is to evaluate the Brazilian external fragility between 1999 and 2013 using the index and the interpretation previously developed. The results suggest that Brazilian’s external fragility suffered a gradual and significant decrease and tends to follow stable trend in the coming years.

中国超额货币供给与低通胀共存的状态被国际经济学界称之为＂中国货币之谜＂。部分学者认为,这是由中国在经济转型过程中经济迅速货币化产生的巨大货币需求吸纳了超额货币供给,使之没有完全表现在产出增加和物价水平提高上。事实上,中国对货币的需求一直都在,只是近些年已经从实体经济转向了虚拟经济,成为金融资产被窖藏了起来,从而使货币独立于实体经济部门。研究发现,我国股票市场近几年在扩容过程中吸纳了大量的货币供给量,成为我国货币之谜的重要原因。%The coexistence of China's excess money supply and low inflation rate is called "the mystery of China's currency" by international economic field.Some scholars think the excess money supply is absorb by the rapid economic monetization created in the process of transition in China which the excess money not fully shown in the output growth and the increase of the price level.In fact,there is a stable extra money demand in China.Recent years,the extra money demand has shifted from the real economy to the virtual economy.The study found that,the stock market played an important role in absorbing extra currency supply.

Full Text Available Economic and political instability has become a characteristic of many societies around the globe. Recent examples revealing the volatility of the current state of affairs include the trade restrictions imposed by the Russian Federation in August 2014, and currency fluctuations experienced by many countries, including Russia and potentially Greece. In this situation, one may wonder whether contract law has a solution to offer to the parties affected. Traditionally dominated by the pacta sunt servanda principle, jurisdictions made their own choices. This paper analyses approaches adopted by Russian, German and French law in response to situations of force majeure (trade embargoesand unforeseen change of circumstances (currency fluctuations. In search for an explanation of each given approach, we reviewed historical arguments, as history played a crucial role in the formation of German and French responses, though in a completely different way. Whereas Germany, heavily affected by the cataclysms of the World Wars, was eager to adopt a lenient view on the possibility of the judicial revision of contracts, France never gave up its suspicion of court interventions. As legal preferences are often connected with cultural factors, we looked at distinct cultural traits of the societies at issue, by using the Hofstede index. We realized that there could be compelling cultural reasons why France and Germany are situated at opposite poles, while Russia is somewhere in the middle. Lastly, we took into account considerations derived from law and economics, arguing that narrowly construed court intervention might be economically justified in cases of impossibility and impracticability, as ultimately decreasing transaction and risk-appraisal costs.

Results of fractal stability analysis of daily exchange rate fluctuations of more than 30 floating currencies for a 10-year period are presented. It is shown for the first time that small- and large-scale dynamical instabilities of national monetary systems correlate with deviations of the detrended fluctuation analysis (DFA) exponent from the value 1.5 predicted by the efficient market hypothesis. The observed dependence is used for classification of long-term stability of floating exchange rates as well as for revealing various forms of distortion of stable currency dynamics prior to large-scale crises. A normal range of DFA exponents consistent with crisis-free long-term exchange rate fluctuations is determined, and several typical scenarios of unstable currency dynamics with DFA exponents fluctuating beyond the normal range are identified. It is shown that monetary crashes are usually preceded by prolonged periods of abnormal (decreased or increased) DFA exponent, with the after-crash exponent tending to the value 1.5 indicating a more reliable exchange rate dynamics. Statistically significant regression relations (R=0.99, p<0.01) between duration and magnitude of currency crises and the degree of distortion of monofractal patterns of exchange rate dynamics are found. It is demonstrated that the parameters of these relations characterizing small- and large-scale crises are nearly equal, which implies a common instability mechanism underlying these events. The obtained dependences have been used as a basic ingredient of a forecasting technique which provided correct in-sample predictions of monetary crisis magnitude and duration over various time scales. The developed technique can be recommended for real-time monitoring of dynamical stability of floating exchange rate systems and creating advanced early-warning-system models for currency crisis prevention.

Virtual currency is the emergence of electronic money as a new virtual credit money, China's virtual currency on the network is still in the gaps in legal regulation, resulting in the virtual currency in circulation to pay, supervision, and so there are a lot of problems, and even threaten social stability. In this paper, the virtual currency of our network analysis of the status quo, pointing out the existence problem and has led to a cyber - crime, the impact of hazards, And then from the publishers, national, Internet users are three perspectives to focus on strategies to deal with certain norms of virtual currency market, hoping to stabilize the network market, and safeguard social stability and have a certain role.%网络虚拟货币是继电子货币后新出现的一种虚拟信用货币,目前我国对网络虚拟货币的法律监管仍然处于空白,导致虚拟货币在支付、流通、监管等方面出现了不少问题,甚至危害到社会的安定。针对我国网络虚拟货币的现状、存在问题及其危害,提出了相应的应对和发展策略,希望对网络市场的稳定发展和社会安定有一定作用。

Full Text Available Since the Eurozone’s Effilochement has become a fact and European integration theories, as defined in existing theories, falls short of offering a hope for the salvation of EU’s monetary integrity, the logic of geo-economy is prevailing among the European states. In particular, it means that the Eurozone has introduced currency warfare against the currencies of EU states that do not use the euro. The argument is that a paradigm shift away from solidarity towards quite narrow-minded policy has occurred; different from what has been understood by European integration thus far. This paper outlines a two - level geo-economic approach to analyse how and why the current Eurozone’s Effilochement - structural and political - are solved by means of currency wars. On a theoretical level, the paper argues that such behaviour systematically undermines the status of the euro as a currency of public trust and reframes the economic benefits and international importance of the EU. The empirical tier of the work shows that the euro is perceived as a differentiation tool to impede the tempo of the real enlargement process of the EU that began in 2004. The Eurozone’s efforts to adopt its exclusive institutional and governance structure despite the potential risks involved, provide all the elements of this demonstration. The conclusion leads to the thesis that we need to be think more about geo-economics, this specific example being currency wars, to discern whether this paradigm of IPE became either a hindrance or a vehicle of the European integration ‘game’.

... TREASURY SUPPLEMENTAL STANDARDS OF ETHICAL CONDUCT FOR EMPLOYEES OF THE DEPARTMENT OF THE TREASURY § 3101... that is assigned to their Assistant Deputy Comptroller or rating official; or (2) In Large...

'Full text:' Drawing from Smelling Land: The Hydrogen Defense Against Climate Catastrophe, the talk will introduce a novel view of energy system architecture, to use as a platform from which to better appreciate where we were yesterday, are today and, with luck, will be tomorrow. We will introduce and explain the key concept of energy 'currencies' - whose place in the energy system is seen from the figure below: Services - Services Technologies - Currencies - Transformer Technologies - Sources. The talk will review tragicomic Canadian examples of what happens when we forget the system, to focus only on its bits and piece. Many persist today. The discussion will explain why hydrogen systems are essential if we're to have a chance to escape climate catastrophe. Almost all today's proposals for deflecting climate disruption are, at best, bandaids. Any comprehensive solution must ultimately lead to zero CO{sub 2} emissions. That will require not just non-carbon energy sources but also non-carbon energy currencies. We already have the non-carbon currency electricity. But electricity can't fly airplanes, or push ships, and is a poor currency for road or rail. For these we'll need the non-carbon currency, hydrogen. Only hydrogen can allow the energy from non-carbon sources like hydraulic, nuclear, sunlight or wind, to fly airplanes - further, faster, safer and with larger payloads without the system emitting (in principle) a drop of CO{sub 2}. The synergies apparent with liquid-hydrogen fuelled aircraft exemplify the synergies of all hydrogen-fuelled transportation vehicles. On the way to this brilliant future, 'tether' hydrogen must play a vital role harvesting Canada's heavy oil reserves while minimizing collateral CO{sub 2} emissions. Later, 'neat' hydrogen systems will bring the brilliant future that will be the Hydrogen Age. The 20th century bequeathed us the wonders of the Electricity Age. The 21st

采用TEM系统分析了OCC技术制备的单晶铜线材在冷拔过程中形成的位错胞、几何必须界面以及孪晶,发现当真应变小于0.94时,冷拔单晶铜线材的微观组织为位错胞.当真应变大于0.94时,其微观组织主要包括位错胞和几何必须界面两类组织.其中位错胞沿冷拔方向拉长,横界面上为等轴状.随变形量的增加,位错胞尺寸减小,当真应变大于1.39时,位错胞尺寸不再随塑性变形量的增加而减小,其直径保持在0.28 μm左右.当变形量比较小时,两类几何必须位错界面属于晶体学界面,当变形量比较大时,几何必须位错界面与冷拔方向平行.同时,分析还发现冷拔单晶铜线材中存在少量由凝固过程形成并遗传到形变组织以及在冷拔过程直接形成的两类孪晶.%Dislocation cells, geometrically necessary boundaries (GNB) and twins in drawn single crystal copper wires produced by Ohno continuous casting (OCC) method have been analyzed by TEM. The results show that when the strains are lower than 0.94, the microstructures of drawn single crystal can be characterized as dislocation cells. When the strains are more than 0.94, there are two kinds of microstructures. One is that dislocation cells are elongated in longitudinal section and equiaxed in cross section. The size of dislocation cells decreases as the strain increases until they reach a critical size of about 0.28 urn at a strain of 1.39. The other is geometrically necessary boundaries. At low strains, two kinds of geometrically necessary boundaries are along {111}, and at high strains, geometrically necessary boundaries are parallel to drawn direction. In addition, it is found that in dawn single crystal copper wires, there are two types of twins in the single crystal copper wires. One is formed in the preparing process of single crystal copper wires by Ohno continuous casting method, and the other is formed during cold drawing deformation.

This article presents one of the new elements of virtual reality, which is the Bitcoin cryptocurrency. This thesis focuses on the condition and perspectives on development of the trading function of this instrument. The authors discuss the legal aspects of functioning of the Bitcoin, conduct a SWOT analysis of this cryptocurrency as a medium of exchange, and examin the scale of use of Bitcoin in transaction purposes. As of March 1, 2014 the trading system gradually develops and the strengths ...

Full Text Available Theoretical and empirical literature shows that there is a significant relation between currency substitution and exchange rate volatility, and this volatility affects money demand significantly. This study examines the relation between reverse currency substitution and the volatility in exchange rate as well as the effects of this volatility on the demand for money. We used monthly data covering the period of 2001/04-2006/12, which started with the implementation of Program for Transition to a Strong Economy. Following the literature, we employed E-GARCH method in exchange rate volatility modeling and Pesaran et al (2001 bounds test approach in the estimation of money demand function. In accordance with the theoretical expectations, we found that with the increase in reverse currency substitution the exchange rate volatility decreased. Moreover, the decline in the volatility of exchange rate increased the money demand, i.e. accelerated the reverse currency substitution process.